Bitcoin tops $80,000 as whales accumulate 60,000 BTC in October

Bitcoin extended its rebound, rising 3.5% over the past 24 hours following renewed buying activity near its 200-day Exponential Moving Average (EMA). The cryptocurrency’s recovery comes as the market attempts to move past recent turbulence sparked by a $6.3 billion security breach at Binance. On-chain metrics indicate that large Bitcoin holders have taken advantage of lower prices to increase their holdings significantly. Santiment reported that wallets containing between 1 and 100,000 BTC drew in roughly 60,000 additional Bitcoins throughout October, which corresponds to an estimated $4.8 billion in assets at current values. The most aggressive accumulation occurred among wallets holding between 100 and 1,000 BTC, a group responsible for about two-thirds of October’s net increase.

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