Whale Accumulation Pattern Emerges After September Selloff
On-chain analyst Burak Kesmeci has identified a crucial pivot in whale behavior that began manifesting at the start of October. The large holders who contributed to Bitcoin’s lackluster September performance are now repositioning themselves in what appears to be a strategic shift toward accumulation.
The analysis focuses on two critical metrics: Total Whale Holdings and Monthly Percentage Change, which collectively track both the absolute number of coins held by major investors and the rate of change over rolling 30-day periods. These indicators serve as a barometer for institutional and high-net-worth sentiment in the Bitcoin ecosystem.
September’s data painted a concerning picture for Bitcoin bulls, with total whale holdings experiencing a marked decline throughout the month. The 30-day percentage change remained predominantly negative, signaling sustained selling pressure from the cryptocurrency’s most significant stakeholders.
From Selling Pressure to Accumulation Mode
The selling wave that characterized September created substantial downward pressure on Bitcoin’s price action, preventing any meaningful rally attempts during the traditionally volatile month. However, recent data suggests these same whales are now reducing their selling activity, potentially signaling a return to accumulation strategies.
This behavioral shift has coincided with Bitcoin’s strong October performance, suggesting a correlation between reduced whale selling and the cryptocurrency’s ability to sustain upward momentum. The timing aligns perfectly with historical October patterns, where Bitcoin has frequently delivered some of its strongest monthly performances.
Bitcoin Maintains Strong Weekly Performance Despite Sideways Trading
As of current trading sessions, Bitcoin is valued at approximately $122,345, showing minimal movement over the past 24 hours. While the flagship cryptocurrency has entered a consolidation phase following its recent surge, the weekly performance tells a more compelling story.
According to CoinGecko data, Bitcoin has posted an impressive 12% gain over the seven-day period, demonstrating the underlying strength of the October rally. This performance stands in stark contrast to September’s struggles and reinforces the narrative of shifting whale dynamics supporting price appreciation.
Implications for Short-Term Price Action
The confluence of reduced whale selling pressure and Bitcoin’s historical October strength creates a potentially bullish setup for the remainder of the month. Market participants are closely monitoring whether this whale behavior shift will translate into sustained accumulation, which could provide the foundation for another leg higher in Bitcoin’s price trajectory.
While weekend consolidation suggests the market may be taking a brief respite, the underlying on-chain fundamentals point toward continued optimism among Bitcoin’s largest holders. This sentiment shift, combined with ‘Uptober’ seasonality, positions Bitcoin for potentially significant price movements in the weeks ahead.