Experts predict Bitcoin value will reach $30.5 million as whale buying activity intensifies

Bitcoin hit a multi-month high, triggering an increase in whale activity, with addresses accumulating records and futures open interest surging.
Bitcoin (BTC) has had a strong start to the week, surging to a fresh multi-month high of $69,500 on Monday. However, it failed to maintain its momentum towards $70,000, which resulted in a retracement to $67,563.
Despite a 2.08% drop over the past 24 hours, it is still up 3.22% over the past week. Notably, Bitcoin’s recent price volatility has triggered an increase in whale activity, with large-scale investors steadily accumulating the cryptocurrency.
Whale activity grows
As Bitcoin fluctuates near its all-time highs, Michaël van de Poppe, chief investment officer and founder of MN Consulting, has observed an increase in whale activity. Despite the current price range, whales have been actively buying more Bitcoin.
Van de Poppe said the trend is a positive sign for Bitcoin, indicating strong confidence in the market even as overall economic concerns remain. Increased whale activity could signal expectations for further growth, potentially even pushing Bitcoin toward its $300,000 to $500,000 target.
Cumulative addresses reach 2.9 million BTC
Meanwhile, leading on-chain data provider CryptoQuant reported that Bitcoin accumulation addresses now hold over 2.9 million BTC.
These addresses are known for their steadfast holding behavior, having nearly doubled their Bitcoin holdings since January 2024, when they held just 1.5 million BTC. Accumulation addresses typically have no outflows, hold at least 10 BTC, and have been active for more than seven years.
Notably, the rapid growth of these addresses in 2024 marks a shift from previous years, as these addresses held just 100,000 BTC in 2018, surging to 700,000 BTC during the 2021 bull run. At the current rate, the total number of Bitcoins in these addresses could exceed 3 million by the end of the year, with a potential market value of over $210 billion.
Bitcoin futures open interest hits new high
Corresponding to the increase in accumulation, the open interest (OI) of Bitcoin futures also reached a new high. Coinglass data showed that open interest rose to $40.5 billion as of Oct. 21, surpassing the previous all-time high of $40.38 billion.
Likewise, CryptoQuant reported that open interests on major cryptocurrency exchanges reached $20.89 billion, signaling increased investor participation.
The difference in OI data between Coinglass and CryptoQuant is attributed to the different range of exchanges monitored by each platform, with Coinglass including data from CME, among others. A surge in OI indicates increased trading activity, which could lead to higher volatility in the short term.
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