Bitcoin Whales Increase Holdings: 94.7K BTC Accumulated in 6 Weeks Despite Price Volatility
Amidst the choppy consolidation of Bitcoin’s price action, many market participants are concerned. However, notable holders of Bitcoin, particularly those with between 100 and 1,000 BTC, are significantly increasing their holdings.
Whale Accumulation Surge
Over the past six weeks, this group of Bitcoin whales has accumulated an additional 94,700 BTC, according to recent data from Santiment. This increase in holdings comes during a period of heightened price uncertainty, which has led many traders to exit the crypto market.
While retail and smaller investors may be unsettled by the volatility, these significant players are using the downturn to bolster their positions. This accumulation could be a sign of a bullish outlook among influential market participants.
Shift in Long-Term Holder Behavior
Following Bitcoin’s all-time high in March, the market experienced a prolonged phase of supply distribution. On-chain data from Glassnode showed that Long-Term Holders (LTH) had largely sold off their holdings during this peak period. Recently, however, LTHs have started to accumulate again, with 374,000 BTC moving into LTH status over the last three months. This shift suggests that despite market uncertainty, there is a growing preference among investors to hold rather than sell their BTC.
Market Outlook
Currently, Bitcoin is trading near $61,000, reflecting a 4% increase over the past 24 hours. Some experts believe that major sell-offs may be coming to an end.
Matthew Sigel, VanEck’s head of digital assets research, discussed Bitcoin’s typical seasonal patterns post-halving in an August 19 CNBC interview. He noted that, with the recent forced selling behind us, BTC is entering a phase that historically presents challenges for its price performance. Sigel observed that Bitcoin often struggles in the one to three months following a halving event, which occurred in April of this cycle. While immediate pressures may have eased, the market could still encounter difficulties as it navigates this traditionally tough period.