Selling pressure on Bitcoin and altcoins continues. BTC has fallen below $70,000 for the first time in months, while altcoins, particularly Ethereum, have also experienced sharp declines.
While Bitcoin and the market remain under pressure, large wallets have been seen to resume buying.
Major Wallets Go Back into Buying Mode! What Does It Mean?
German analytics company MakroVision, in its latest analysis citing Glassnode data, noted significant activity and renewed buying activity in two major wallet groups.
According to the analysis company, wallets holding between 100–1,000 BTC and 1,000–10,000 BTC have re-entered an accumulation phase after weeks of distribution. Both groups’ Accumulation Trend Score indicators have risen above 0.5.
However, according to the analysis company, this trend has not yet spread across the entire market. This is because all other groups, from the largest wallets with over 10,000 BTC to small investors with less than 1 BTC, are continuing the trend of exiting/distributing.
“So, new buying demand is currently coming from a limited segment of the market. This is a positive signal, but it’s not yet confirmation of a trend reversal.”
Could a Similar Trend from September Be Repeated?
The analysis firm noted that another key detail highlighted in the data was that these two groups had been selling for much of October. The same wallet groups had also briefly accumulated in late September, but this movement did not translate into a sustained market recovery.
Therefore, the company states that the current buying activity cannot yet be considered the beginning of a strong upward trend.
At this point, the analytics company added that it will be critical whether this accumulation continues in the coming weeks and whether other wallet groups also join in. If other wallet groups join in the accumulation in the coming weeks and large investors continue their purchases, it could strengthen the possibility of a recovery. For now, the positive signal in the market is limited to a small number of large investor groups.
*This is not investment advice.
