Bitcoin whales accumulate 86702 BTC in three weeks

Wallets holding between 10 BTC and 10000 BTC have added a total of 86702 BTC over the past three weeks, reaching their highest collective holdings since April 23. In addition, 24073 BTC were withdrawn from exchanges in a single day, marking the largest outflow in seven months. Santiment analysts observe that while large holders are accumulating, smaller traders are taking profits, indicating a bullish sentiment. The reduction of Bitcoin reserves on exchanges to approximately 6.5% of total supply is seen as a positive market signal, as it suggests assets are becoming less available for immediate sale. Analysts note that while outflows from exchanges do not guarantee price increases, the combination of accumulation by large holders and decreasing exchange reserves creates a more favorable market structure. As of the analysis, Bitcoin was trading near 84000, with a breakout above 90000 appearing increasingly realistic in the short term.

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