On-chain data indicates a rise in the number of Bitcoin whale wallets since the onset of October.

The number of Bitcoin wallet addresses holding more than 1,000 BTC has increased significantly as the market stumbled, with Bitcoin dropping to approximately $89,550 this Tuesday.

According to Glassnode, whales have been absorbing new holdings since late October.

While whale wallets reached a low of 1,354 on October 27, when BTC was valued at around $114,000, current figures show a resurgence, climbing to 1,384 by Monday, a level not seen in four months.

Source: Glassnode

Simultaneously, smaller holders with at least 1 BTC have faced challenges, with their numbers dwindling from 980,577 on October 27 to a yearly low of 977,420 by November 17.

This contradicts the emerging narrative of profit-taking among older investors, labeled as ‘OG dumping’. Thielen from 10X Research opines about the influence of the US Federal Reserve’s recent FOMC meetings, indicating ongoing whale selling.

“His message decisively broke the fragile balance that had existed between market sellers and buyers – between the OG mega whale sellers (1,000-10,000 BTC) and the whale buyers (100-1,000 BTC).”

Also noteworthy is Bitcoin’s recent dip below the crucial psychological barrier of $90K, currently trading around $89,900, marking the Crypto Fear & Greed Index at a grim score of 11 out of 100.

Nevertheless, executives at Bitwise and BitMine anticipate a reduction in BTC selling pressure, viewing the current price level as a potential opportunity for long-term investors.

Speaking to CNBC, Hougan remarked on the current pricing as a “generational opportunity” for investors.

“I think we’re nearing a bottom. I consider this a fantastic buying opportunity for long-term investors. Bitcoin had signaled risk across various asset classes prior to this broader market downturn.”

In contrast, Winklevoss humorously remarked on social media trends, stating this is perhaps the last chance to acquire Bitcoin below the $90k threshold.

Another analyst on X, TheCryptoDog, suggested an impending recovery for Bitcoin based on current indicators.