Bitcoin whales rack up $600 mln BTC in 7 days – what’s brewing?

• BTC’s overbought streak continues.
• Whales have accumulated over $600 million BTC in the last seven days.

Based on the events of the past week, it’s evident that Bitcoin [BTC] whales are still actively accumulating. Despite the price of BTC staying above $30,000, recent data on a chart shows that this accumulation trend is ongoing.

Read Bitcoin (BTC) price Prediction 2023-24

Whales rack up more Bitcoin

As per a recent report from IntoTheBlock, Bitcoin whales persist in bolstering their portfolios. The released chart indicates an addition of 18,924 BTCs to their wallets over the last seven days.

The value of the Bitcoin accumulated by these whales during this timeframe sums up to approximately $650 million.

Moreover, the chart demonstrates that these whales continued to accumulate despite the fluctuating price trend over the past seven days.

Bitcoin supply distribution sees an increase

According to a Santiment chart, the current accumulation by whales is reflected in the Bitcoin supply distribution. Specifically, within the range of 10,000 to 100,000 BTCs, there has been a noticeable increase.

The chart indicated a significant surge in this group of addresses after 23 October. Initially, the supply distribution for this group stood at around 11.6%, but it spiked to over 11.8%.

At the time of this writing, there has been a slight decline, yet the supply distribution remains at approximately 11.8%.

Source: Santiment

Interestingly, despite these metric increases, the total number of BTC holders has not shown any notable growth. The chart illustrated that the overall count of BTC holders remained stuck at around 49 million.

As of the current moment, there may be a minor decrease, but the number still hovers in the 49 million range.

BTC remains in the overbought zone

The current price trend of Bitcoin on its daily timeframe chart demonstrates a persistent uptrend. Despite experiencing minor declines in the past two weeks, it has consistently maintained a position above $30,000.

 How much are 1,10,100 BTCs worth today

By the close of trading on 31 October, it managed to secure a profit, albeit a modest one, amounting to less than 1%. Furthermore, as of the present moment, BTC was trading at approximately $34,400, with a decline of less than 1%.

Source: TradingView

Additionally, the Relative Strength Index (RSI) signaled a very strong bullish trend. The RSI line remained above 80 as of the time of this writing.