Recent data from on-chain analytics platform CryptoQuant reveals that Bitcoin whales have accumulated approximately 1.5 million BTC over the past six months, a trend that emerges amid significant price fluctuations, including a drop below $60,000 on October 10.
Axel Adler Jr., a contributor to CryptoQuant, noted that large-volume investors—those holding more than 1,000 BTC—have actively increased their positions since Bitcoin reached its all-time high in March. “1.5M BTC has been accumulated by whales over the last six months,” Adler stated, suggesting a deliberate strategy among these investors.
In contrast, smaller investors, categorized as short-term holders (STHs), have been selling their Bitcoin at a loss. Recent data indicates that STHs, who typically hold BTC for less than 155 days, have been quick to react to market volatility, leading to increased sell-offs. Over the last 24 hours alone, 24,100 BTC were sold at a loss, raising questions about the sources of the BTC that whales have accumulated.
CryptoQuant’s analysis indicates that while whales are expanding their holdings, smaller entities are exiting the market. This trend underscores STHs’ tendency to respond to price fluctuations, which has become particularly pronounced during Bitcoin’s recent market shifts.
Another contributor, DarkFost, emphasized the importance of whale accumulation within the price range of $54,000 to $68,000, noting that both new and existing whales are bolstering their positions. This behavior suggests a potential upward trajectory for Bitcoin’s price in the mid to long term, as the increasing whale balances may reflect growing confidence in future market conditions.
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