Despite Bitcoin’s recent price stagnation, on-chain blockchain data indicates that major investors are once again making aggressive purchases. On the morning of October 26, it was detected that an anonymous wallet acquired 3,195 BTC, equivalent to 356.6 million dollars, from the Kraken exchange and an over-the-counter address. Following this transaction, market observers began sharing optimistic sentiments on X, with comments like “the whale knows something.”
Increased Large Investments and Leveraged Positions
According to data from the blockchain analysis platform Lookonchain, this whale activity is perceived as a solid confidence signal in the market. During the same period, another anonymous investor opened a Bitcoin long position worth 16.6 million dollars with 40x leverage on the decentralized derivatives exchange Hyperliquid. The same address also took a 10x leveraged long position worth 12.5 million dollars for the platform’s mainnet asset, HYPE coin.
These dual moves from investors with high-risk appetites suggest expectations for a new bull wave in the cryptocurrency market. Social media influencer Lucky further bolstered this optimism, sharing that “the hype is real” with a broader audience.
Analysts Monitor the $116,000 Threshold
Cryptocurrency analyst KillaXBT compared Bitcoin’s current constrained movement below $114,000 to a similar phase in the 2021 bull market. According to the analyst, if Bitcoin, the largest cryptocurrency, fails to surpass $116,000 in the short term, it could experience a limited correction.
KillaXBT noted that the demand generated from BlackRock’s ETFs is predominantly from individual investors rather than institutions. The analyst commented, “The ETF merely made it easier for traditional investors to access Bitcoin.”
Experts suggest that if the big whales trigger another FOMO effect and macro conditions remain supportive, the overall cryptocurrency market, along with Bitcoin, could enter a new consolidation phase.