Whales in October pushed bitcoin to all-time highs

by in Cryptocurrency News

Bitcoin

Large Bitcoin (BTC) holders, often referred to as whales, sparked the October run of the leading cryptocurrency. In the past month, stocks of addresses holding 100 BTC or more have increased by another 0.25%, according to Kraken.

Now under the control of whale wallets is cryptocurrency totaling up to $ 724.4 billion. The number of large bitcoin holders has increased from the beginning of October by 1.6% to 16,156 - this is the highest figure since May, the researchers emphasized.

The surge in whale buying activity triggered a surge in the value of BTC. Recall that on some trading floors the coin was close to $ 67,000. On the night of Monday, November 1, the BTC rate is held at $ 60,740. Cryptocurrency capitalization has dropped to $ 1.143 trillion.

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The value of bitcoin added even against the background of the suppression of the mining industry and crypto trading in China. The market is maturing, and the launch of bitcoin ETF futures is evidence of this process, according to a report from the Kraken exchange.

The decline in the BTC exchange balance also creates conditions for a long-term increase in the price of the cryptocurrency. Trading floors now have the lowest BTC volume since January 2018.