Large cryptocurrency holders accumulated more than $ 1 billion worth of bitcoin in September

For the first time since August 2023, the quotes of the flagship crypto asset have confidently consolidated above the key $ 28,000 mark. The positive dynamics of the crypto industry is driven by news of the approval of a number of Ethereum futures exchange-traded funds. Bitcoin continues to actively strengthen its position, even after the SEC’s decision to postpone the consideration of applications for the creation of spot bitcoin funds.

According to Santiment’s latest analytics, crypto kits are currently the most active. Since the beginning of last month, institutional investors have accumulated BTC worth about $ 1.17 billion. Many crypto experts assume that the flagship of the crypto market could reach $ 30,000 in the near future. However, there is a possibility that at some point, investors may start partially taking profits, which will provoke a local cryptocurrency slump.

According to the Rekt Capital expert, bitcoin needs to stay above the $ 28,300 level. In this case, we can already count on potential growth to the desired level of $ 30,000. The expert also emphasized that on the weekly chart, BTC quotes are located near moving averages with periods of 100 and 200. At this point, they play the role of dynamic support areas. This indicates that the flagship of the crypto market still has the potential to further strengthen its position.

For their part, representatives of CoinDesk noted that the steady growth of bitcoin could have been facilitated by the liquidation of short positions in the derivatives market. The point is that specialized exchanges forcibly closed sellers' deals because they lacked free margin to further secure their positions.

According to the CoinMarketCap analytical tracker, at the time of writing, bitcoin is trading at $ 27,638, a 1.55% drop in the virtual coin overnight. The market capitalization of the asset amounted to $ 539 billion, and traders made daily trading deals worth $ 18.2 billion. The market share of BTC is 18.4%.