On-chain data shows Bitcoin whales holding between 1k to 10k BTC have expanded their reserves recently, a sign that could be bullish for the crypto’s price.

As explained by an analyst in a CryptoQuant post, the whales holding between 1k to 10k BTC have shown smart-money behavior in the past as they usually buy near bottoms and sell near tops.

The relevant metric here is the total amount of coins currently being held by the different holder groups in the Bitcoin market.

The criteria for grouping the investors here is based on how many coins they are holding in their wallets. For example, the 100 to 1k BTC cohort includes all holders that have a wallet amount lying in this range.

Now, below is a chart that shows the trends in the reserves of the 100 to 1k BTC and 1k to 10k BTC investor groups over the past year:

As you can see in this graph, the Bitcoin reserve of the 1k to 10k BTC whales has been showing some interesting movement.

It looks like this holder group’s reserve has usually started to fall off as the price of the coin has neared any local top.

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Also, likewise this cohort has timed their buys around bottom formations. This means that these investors have been acting like smart money in this last year and a half.

Most recently, the reserve of this investor group has observed a sharp increase in the last few weeks, suggesting that they have been buying. If historical trend is anything to go by, such a sign could be bullish for the crypto’s price.

The 100 to 1k BTC holders, however, have shown contrasting behavior when compared with these smart-money investors.

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These holders have usually bought as the price has gone up and sold during declines. Recently as well their reserve has gone down, suggesting they have been selling while the 1k to 10k BTC whales have bought.

However, there could also be another way to look at this. The reserve of the 100 to 1k BTC group going down may be due in part to some of the holders buying enough to go over 1k BTC, making them a part of the 1k to 10k BTC cohort instead now.

At the time of writing, Bitcoin’s price floats around $31.3k, up 2% in the past week.

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