Large investors increased their holdings by 60,000 bitcoins — CryptoQuant

Since late August, the combined holdings of large Bitcoin owners have risen from approximately 2.94 million BTC to nearly 3 million BTC—an increase of about 60,000 coins, or 2%, according to CryptoQuant analysts.

While the accumulation of the asset by large investors slowed in September, it accelerated again at the end of the month and the beginning of October. On-chain experts noted that "crypto whales" began increasing their holdings after the price rise, rather than prior to the recovery in the exchange rate.

CryptoQuant believes that the retention of these accumulated coins could offset selling by investors taking profits—thereby fueling further price growth.

Experts clarified that an increase in Bitcoin whale balances does not necessarily equate to the purchase of cryptocurrency; changes could stem from wallet-to-wallet transfers or a reclassification of addresses. CryptoQuant cited rising holdings during price dips, increased spot market demand, and low volumes of whale transfers to exchanges as evidence of accumulation.

Previously, a CryptoQuant analyst using the pseudonym Mr. Coffe stated that increased activity in wallets holding older Bitcoin could be linked to moving coins to new addresses for security reasons—amid a rise in asset thefts from cold wallets.