Bitcoin Whales Add 86,000 BTC as Institutional Demand Weakens

Bitcoin traded near Rs. 78.2 lakh on Monday as the cryptocurrency market showed resilience despite continued institutional withdrawals and volatility in traditional markets. Ethereum (ETH) traded near Rs. 2.30 lakh, while major altcoins posted mixed moves. Market participants said that although US spot Bitcoin exchange-traded funds (ETFs) recorded significant outflows last week, large holders continued accumulating Bitcoin, suggesting that some investors are using the current consolidation to build positions. According to CoinGecko data, Bitcoin traded at $82,500 (roughly Rs. 78.2 lakh), while Ethereum was priced at $2,400 (roughly Rs. 2.29 lakh).

The world's largest cryptocurrency fell 2 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said US spot Bitcoin ETFs recorded approximately $228.6 million (roughly Rs. 2,167 crore) in outflows over the past week. However, wallets holding between 10 and 10,000 BTC accumulated nearly 86,000 BTC since mid-September, indicating continued buying by large holders despite weaker ETF demand. 

Major Altcoins Show Mixed Momentum on Monday

Binance Coin (BNB) was priced around $727 (roughly Rs. 68,900), while Solana (SOL) traded near $105 (roughly Rs. 9,600). XRP hovered around $1.31 (roughly Rs. 124), while Dogecoin (DOGE) traded near $0.079 (roughly Rs. 7.5). 

ETF Withdrawals and Fed Policy Keep Crypto Traders Cautious

Highlighting the divergence between institutional investment flows and the behaviour of large holders, the CoinSwitch Markets Desk said, “Bitcoin's current range reflects a divergence between institutional investment flows and the behaviour of large holders. Spot Bitcoin ETFs have seen approximately $228.6 million (roughly Rs. 2,167 crore) in outflows over the past week, while wallets holding between 10 and 10,000 BTC have accumulated nearly 86,000 BTC since mid-September. This continued whale buying suggests that some investors are using the period of consolidation to build positions, even as ETF demand softens.”

Commenting on Bitcoin's relative strength amid volatility in traditional markets and the mixed performance of altcoins, Nischal Shetty, Founder, WazirX, said, “Bitcoin's resilience amid a sharp US equity sell-off suggests the cryptocurrency is demonstrating relative strength in the near term [...] Ether's 5.22 percent weekly decline, compared with Bitcoin's 2 percent loss, highlights the uneven performance within crypto. The ETH/BTC ratio of 0.0293 suggests Bitcoin is outperforming Ether, potentially reflecting investor preference for the larger crypto asset during uncertain conditions. If this trend continues, altcoins could struggle to attract sustained buying interest.”

Discussing Bitcoin's recovery and the importance of key support and resistance levels, Vikram Subburaj, CEO, Giottus.com, said, “Bitcoin's recovery to around $82,400 (roughly Rs. 78.1 lakh) on October 19 comes as buyers return after last week's fall below $80,000 (roughly Rs. 75.8 lakh), although institutional demand remains uneven [...] US consumer inflation reached 3.7 percent in September, keeping the risk of further monetary tightening relevant for crypto investors [...] Investors should stagger purchases and keep leverage low ahead of October 28.”

Overall, analysts said Bitcoin's resilience and continued accumulation by large holders are providing some support despite institutional withdrawals and heightened volatility in equity markets. Bitcoin's $81,300 support level (roughly Rs. 77 lakh) remains important, while a move above $84,000-$84,500 (roughly Rs. 79.6 lakh-Rs. 80.1 lakh) could strengthen the recovery. Investors are also watching whether the Treasury's bond buyback programme improves liquidity and whether ETF flows turn positive again.