. Weekly Crypto Analysis - Bitcoin Control 66% Supply

Weekly Crypto Analysis – Bitcoin Control 66% Supply

Weekly Crypto Analysis – Bitcoin Control 66% Supply

01 Oct 2023


Bitcoin’s big players, often referred to as “whales,” are making waves by accumulating the cryptocurrency at an unprecedented rate, now holding over 13.03 million coins or more than 66% of the total supply in circulation. This surge in holdings gained momentum following BlackRock’s move to file for a spot Bitcoin exchange-traded fund (ETF), sparking renewed interest among major investors. As a result, Bitcoin witnessed a 2.5% price surge in just one day, signalling growing market confidence.


Bitcoin Whales increase holdings, signalling market confidence.

Large Bitcoin investors, sometimes known as “sharks” and “whales,” are amassing the main cryptocurrency at a record rate this year, and currently own the most coins they’ve held since 2023, or over 13.03 million. According to information from the behaviour analytics website Sentiment, this represents more than 66% of the total supply of Bitcoin in circulation.

This increase in holdings was particularly apparent after BlackRock (NYSE: BLK), the biggest asset manager in the world, filed an application to introduce a spot Bitcoin exchange-traded fund (ETF) in the US. The action by BlackRock appears to have reignited interest among major investors, as several other financial behemoths are now actively looking into methods to make Bitcoin accessible.

Positive market reaction has followed these developments. According to data from Coin Gecko, the price of Bitcoin increased by 2.5% in a single day on Thursday.

Technical Overview:

Moving Averages:


  • MA 5: 26686.04 | Positive Crossover | Bullish
  • MA 20: 26510.28 | Positive Crossover | Bullish
  • MA 50: 26996.18 | Positive Crossover | Bullish


  • MA 5: 26547.45 | Positive Crossover | Bullish
  • MA 20: 26466.53 | Positive Crossover | Bullish
  • MA 50: 26597.32 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.71| Buy Zone | Bullish

Stochastic Oscillator: 79.74| Buy Zone | Positive

Resistance And Support Levels: 

  • R1: 27077.96 | R2: 28576.46
  • S1: 26007.60 | S2: 24883.72

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 27564.19 | Take Profit: 28576.28 | Stop Loss: 26977.02.

Elsewhere In the Crypto Market.

Following news of impending ether futures ETF listings, Ethereum prices increased by as much as 5% and trading volumes increased by about 25%.

The Dogecoin price is stuck in the daily demand zone amid numb volatility.

Bitcoin up (0.17%) at 26,952.40, Ethereum up (0.61%) at 1,677.39, Litecoin up (0.26%) at 65.71, Solana up (1.29%) at 20.34, Dogecoin up (0.03%) at 0.62.

Key Economic Events & Data Release for Upcoming Week:

(USD) ISM Manufacturing PMI (Sep) (Monday).

(USD) Fed Chair Powell Speaks (Monday).

(USD) ADP Nonfarm Employment Change (Sep) (Wednesday).

(USD) Initial Jobless Claims (Thursday).