Last week ended with Bitcoin hovering above the 56.3k mark, according to crypto analytics website Santiment. It was a return to peak form as the world’s leading crypto asset. Price analysis sees Bitcoin only 15% away from its all-time high of $ 64,500.

Whales manipulate the market

In a tweet shared early Monday morning, Santiment also claimed that the crypto market is still primarily a whale market. In the same tweet, the trusted crypto data company stated that whales now hold about 21.3% of the supply.

This amount is the largest inventory ever. Santiment also said that addresses with 100-1000 BTC have accumulated up to 85.7k BTC in the past two weeks.

Last month, the whales were responsible for a collapse in Bitcoin prices as they dropped thousands of coins. Back then, the dump felt like a calculated move to manipulate the markets. In the same month, whales were also responsible for buying 60,000 BTC when prices were only $ 44,000.

The crypto market has proven to be vulnerable to manipulation by whales, so calls for more effective regulation have been made in the industry. Leading analysts like Forbes’ Oliver Renick even have recommended that crypto owners meeting certain market caps in a given asset should be subject to trading restrictions and disclosure requirements similar to those found in traditional markets.

What is the possible outcome

With October still only two weeks away, analysts believe that some factors could be significant in BTC price action for the rest of this month. The first of these factors is the underperformance of altcoins in the market. Most altcoins have seen a 10-20% loss in value in the past few days.

Ether, the largest altcoin by market capitalization, is now the lowest versus BTC. This show of strength in Bitcoin has led analysts to predict an impending “Bitcoin season” that they claim could last through 2022.

The deadline for Bitcoins is also next in 2021 Halving cycle. Data from other years after the halving appears to suggest that the major surge to a blow-off top is yet to come.

US stance on BTC ETFs

Another factor that could be important to BTC price development is the expected decision about a Bitcoin Exchange Traded Fund. The fate of Bitcoin ETFs was Repelled by the Securities and Exchange Commission until next month, but in October there will be a “yes” or “no” for futures-backed ETF products.

Finally, after the Crypto Fear and Greed Index, the industry’s sentiment meter, the recent Bitcoin price surge is rooted in sustained growth. Unsustainable markets are due to extreme greed, and while BTC is currently trading at nearly $ 57,000, the Fear and Greed Index measures only 71/100.

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