Whales, ETFs, and Exchange Reserves: Why Bitcoin's Bullish Trend Endures

The price of Bitcoin dropped below $84K, but experts believe its bullish trend remains intact. In fact, three key factors suggest that further upside is likely.

The first reason is institutional interest in spot Bitcoin ETFs, which have attracted over $2.5 billion in the past five green days. On September 21, these financial vehicles accumulated almost $1 billion in a single day, indicating increased exposure to the asset by pension funds and hedge funds.

Another factor supporting the bullish trend is the decline in the amount of Bitcoin sitting on cryptocurrency exchanges. According to CryptoQuant, this figure has dropped to a four-month low of around 2.7 million, reducing immediate selling pressure and signaling that many investors have shifted from centralized platforms to self-custody solutions.

Last but not least, whale activity is also a bullish sign. Since mid-July, large investors (holding between 100 and 1,000 BTC) have purchased almost 114,000 units, growing their collective holdings by 2.22% to roughly 5.24 million BTC, representing 26% of the asset's circulating supply.