The data on the blockchain show that the whales of the Bitcoin who hold between 1k and 10k BTC they have expanded their reserves recently, a signal that it could be bullish for the price of the cryptocurrency.
As explained by an analyst in a CryptoQuant post, whales holding between 1k and 10k BTC have shown smart-money behavior in the past, as usually they buy near the lows and sell near the highs.
The relevant metric in this case is the total amount of coins currently held by the different groups of holders in the Bitcoin market. The investor grouping criterion is based on the number of coins they have in their portfolio. For example, the 100 to 1.000 BTC cohort includes all holders who have a portfolio in this range. It appears that the reserve of this group of holders has usually started to decline as the price of the coin has approached a short-term high.
Additionally, this cohort timed its purchases to match background formations. This means that these investors have been behaving like smart money for the past year and a half.
Recently, the stock of this group of investors has seen a sharp rise in the past few weeks, which suggests that they are opting for buying behaviors. If the historical trend is a fact, this signal could be positive for the price of the cryptocurrency.
Holders of 100-1k BTC, on the other hand, showed a different behavior than these smart-money investors. These holders have in fact usually bought when the price has risen and sold during the declines. Their stock has also dropped recently, suggesting they sold while 1k to 10k BTC whales bought.
However, there may also be another way to interpret this situation. The decrease in the group's reserve from 100 to 1k BTC could be due in part to the purchase by some holders of an amount that exceeds 1k BTC, thus making them part of the 1k to 10k BTC cohort.