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.
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.
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