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Bitcoin Holds Above $84,000 as Whales Accumulate Despite Mixed Momentum

Bitcoin Holds Above $84,000 as Whales Accumulate Despite Mixed Momentum

Bitcoin remains supported by softer rate expectations and strong buying from large holders.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 1 October 2026 11:35 IST

Bitcoin Holds Above $84,000 as Whales Accumulate Despite Mixed Momentum

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Crypto markets remain mixed as investors assess changing monetary policy expectations

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Highlights

Whales accumulate more than 41,000 BTC over 10 days
Bitcoin gains 6.3 percent during September
Speculative futures demand falls 90 percent in two weeks

Bitcoin traded near Rs. 80.8 lakh on Thursday as the cryptocurrency market balanced renewed institutional demand and whale accumulation against elevated Treasury yields and softer spot momentum. Ethereum (ETH) was trading near Rs. 2.59 lakh, while major altcoins showed mixed momentum. Market participants said softer August PCE inflation has reduced expectations of an October Federal Reserve rate hike, but the improved rate outlook has yet to translate into a sustained Bitcoin recovery. According to CoinGecko data, Bitcoin traded near $84,200 (roughly Rs. 80.8 lakh), and Ethereum was trading near $2,700 (roughly Rs. 2.59 lakh).

The world's largest cryptocurrency fell 0.3 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said whale accumulation of more than 41,000 BTC over 10 days is providing support, although weaker speculative futures demand and rising altcoin deposits remain caution signals.

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Major Altcoins Traded With Mixed Momentum on Thursday

Binance Coin (BNB) was priced around $770 (roughly Rs. 73,900), while Solana (SOL) traded near $119 (roughly Rs. 11,400). XRP hovered around $1.50 (roughly Rs. 144), while Dogecoin (DOGE) traded near $0.095 (roughly Rs. 9.5).

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Softer Inflation Supports Bitcoin Despite Cautious Momentum

Highlighting the impact of softer inflation and whale accumulation on Bitcoin's outlook, Prateek Gupta, Head of Business, Mudrex, said, “Elevated Treasury yields limited the recovery. September broke Bitcoin's usual seasonal pattern, with BTC gaining 6.35 percent even as the dollar posted its strongest month since June. Whales accumulated more than 41,000 BTC over 10 days, while speculative futures demand dropped 90 percent in two weeks, pointing to lower leverage but weaker momentum. Rising altcoin exchange deposits remain a caution signal.”

Commenting on the balance between institutional demand and the broader macroeconomic backdrop, Vikram Subburaj, CEO of Giottus.com, said, “US spot Bitcoin ETFs saw strong inflows through September. This helped support Bitcoin's recovery. However, spot demand has moderated in recent sessions. This has kept the upside measured [...] US August PCE inflation rose 3.4 percent year-on-year. Core PCE was at 3 percent. The softer inflation reading has reduced expectations of an October Fed rate hike [...] For investors, patience remains important in the current environment. Avoid chasing sharp short-term price moves [...] Investors should also watch ETF flows, US jobs data and upcoming inflation readings for clearer signals on market direction.”

Pointing to Bitcoin's resilience after the latest inflation data and the importance of its technical structure, the CoinSwitch Markets Desk said, “The softer August PCE print has improved the rate backdrop, with headline inflation at 3.4 percent and core at 3 percent, but that has yet to translate into a sustained move higher. BTC has still held above its 50-, 100- and 200-day moving averages and delivered its strongest weekly close since January, so the underlying structure remains firm.”

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Overall, analysts said institutional demand and whale accumulation are providing support, but moderated spot buying, a sharp drop in speculative futures demand, and rising altcoin exchange deposits point to weaker momentum. Bitcoin's $82,000-$82,500 (roughly Rs. 78.7 lakh-Rs. 79.1 lakh) support zone remains important, while reclaiming $85,000 (roughly Rs. 81.5 lakh) could determine whether the latest recovery gains further momentum.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Bitcoin, Ethereum, BTC, ETH, Crypto markets

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More