Bitcoin may be approaching a major turning point as large holders ease selling pressure.
According to on-chain metrics provider Wealthmanager, Bitcoin whales have been accumulating.
Why is this the case? Data from CryptoQuant shows whale holdings shifted from a net change of -282,000 BTC in July to -39,000 BTC, an improvement of about 243,000 BTC in less than three months.
Source: CryptoQuant
Adding another layer to the story, Vanguard, an asset management giant overseeing about $13.3 trillion, recently bought $7.5 million in shares of Metaplanet, a company known for its Bitcoin treasury strategy.
This investment is noteworthy because it provides indirect exposure to Bitcoin through a publicly traded company whose strategy centers on accumulating the cryptocurrency.
Is BTC Eyeing a Major Rally?
Wealthmanager also noted that Bitcoin is consolidating in a structure resembling a pattern witnessed in 2023, before the apex cryptocurrency embarked on a significant rally.
Source: Wealthmanager
Therefore, it remains to be seen whether BTC follows in its 2023 footsteps, with the price trading at $81,239 per CoinGecko data.
Meanwhile, bearish sentiment won’t wash away, as searches for the phrase “ Bitcoin is dead ” have reached their highest level since 2022.
Binance founder Changpeng Zhao (CZ), however, has framed this pessimism as a potential buying opportunity, noting that extreme negative sentiment has historically coincided with attractive entry points.
