Recent data from on-chain analytics platform CryptoQuant indicates that Bitcoin whales have accumulated approximately 1.5 million BTC over the past six months.
Recent data from on-chain analytics platform CryptoQuant indicates that Bitcoin whales have accumulated approximately 1.5 million BTC over the past six months.
This accumulation is occurring as the crypto experiences notable price fluctuations, including a drop below $60,000 on Oct. 10.
Axel Adler Jr., a contributor to CryptoQuant, highlighted that large-volume investors, defined as those holding more than 1,000 BTC, have been actively increasing their positions since the market reached its all-time high in March.
Adler stated, “1.5M BTC has been accumulated by whales over the last six months,” suggesting a clear strategy among these investors.
In contrast, smaller investors, referred to as short-term holders (STHs), have been selling their Bitcoin at a loss. Data shows that STHs, who typically hold BTC for less than 155 days, have been responding to market volatility with reactionary sell-offs.
In the last 24 hours, 24.1K BTC were sold at a loss, raising questions about the sources of the whales' accumulated BTC.
CryptoQuant’s analysis reveals that while whales are expanding their holdings, some smaller entities are exiting the market. This behavior is indicative of STHs’ tendency to react to price movements, which has been particularly evident during Bitcoin's recent price shifts.
Another contributor from CryptoQuant, DarkFost, noted the significance of whale accumulation within the price range of $54,000 to $68,000. He remarked that both new and existing whales are increasing their positions.
This trend suggests a potential upward movement for Bitcoin's price in the mid to long term, as growing whale balances may indicate confidence in future market conditions.
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