- Bitcoin whales have accumulated 1.5 million BTC over the past six months despite price weakness.
- Short-term holders have sold Bitcoin at a loss, fueling whale accumulation as prices dropped.
- Analysts suggest the growing whale accumulation may indicate a potential upward price movement soon.
Bitcoin whales have been steadily increasing their holdings as the price of the cryptocurrency dipped below $60,000. Data from CryptoQuant revealed that these large investors have accumulated 1.5 million Bitcoin over the last six months. The findings, shared by CryptoQuant contributor Axel Adler Jr. on October 11, suggest that whalesâwallets with over 1,000 BTCâare continuing to buy despite recent price declines.
Adler explained that this accumulation has been consistent since Bitcoin’s price hit all-time highs in March. While some smaller whales, those with less than 1,000 BTC, have been selling during this period, the larger whales remain focused on building their positions.
Short-Term Holders Sell at a Loss
On the other side of the market, short-term Bitcoin holders, or those holding BTC for less than 155 days, have been selling at a loss. CryptoQuant data shows that as Bitcoin dropped below $60,000 on October 10, these speculators offloaded 24,100 BTC at a loss. Adler noted that the coins sold by short-term holders are likely being snapped up by whales, further fueling their accumulation.
Short-term holders are known for reacting quickly to price changes, often selling during periods of volatility. Their recent sales have contributed to the supply being absorbed by long-term holders, particularly whales who have been steadily increasing their balances.
Whale Accumulation Signals Potential Price Move
Another CryptoQuant contributor, DarkFost, pointed out that the accumulation by whales between $54,000 and $68,000 is “significant.” He highlighted that new whales are entering the market, while existing whales are expanding their holdings. This growing whale activity suggests that a potential price move could be on the horizon, whether in the medium or long term.
The consistent accumulation of Bitcoin by large holders, coupled with the selling behavior of short-term holders, could be laying the groundwork for a future price surge. As whale numbers increase, analysts are watching closely for signs of a possible upward price movement.
