Bitcoin Whales Accumulate $1.22 Billion Amid Rising Bullish Bets

Bitcoin has been stuck in a tight trading range between $85,000 and $86,000, struggling to maintain momentum above $87,000. Despite this, analysts are noting a surge in bullish sentiment in the options market. Coinbase Markets analysts observed that the implied volatility of one-week BTC call options was 2.1 points higher than that of put options with the same expiry date. This suggests strong demand from investors betting on Bitcoin’s rise, though Coinbase cautioned that the pattern could also reflect excessive one-sided demand rather than a rational bullish outlook.

Meanwhile, large investors, or whales, are accumulating significant amounts of Bitcoin. Analyst Ali Martinez reported that since October 1st, whales have bought over 14,335 BTC, worth approximately $1.22 billion at current prices. This accumulation could signal preparations for a potential surge toward $100,000.

From a technical standpoint, Bitcoin has been trading within the $83,000-$86,700 range for the past two weeks. On-chain data shows a strong support level between $83,300 and $84,600, where approximately 1.59 million BTC have changed hands. If Bitcoin breaks through the $86,700 resistance and maintains support, there is little supply concentration up to $105,000, making $100,000 a realistic target according to Martinez.