Bitcoin Whales Continue to Accumulate Amid Market Distribution – Crypto News – Crypto News
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Bitcoin Whales Continue to Accumulate Amid Market Distribution – Crypto News

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2 years ago

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Alex Dovbnya

Bitcoin’s largest investors, commonly known as ‘whales,’ are not only holding on to their stakes but are aggressively accumulating more.

Bitcoin’s biggest players, known as “whales,” are intensifying their accumulation efforts even as other significant entities are selling, according to date shared by blockchain analytics firm Glassnode.

The term “whale” is used by Glassnode to refer to individuals or entities that have more than 10,000 BTC.

Despite the broader market trend toward distribution, these whales are demonstrating bullish sentiment by steadily increasing their holdings.

Glassnode’s Bitcoin Accumulation Trend Score shows a stark contrast between the whales who are aggressively accumulating and other major cohorts who are experiencing heavy distribution.

The dichotomy hints at possible underlying market dynamics; large investors might be viewing the current Bitcoin price level as an attractive entry point, even as others take the opportunity to secure profits. At the time of writing, the price of Bitcoin stands at $27,213.09, according to data from CoinGecko.

In an interesting development, significant Bitcoin whales are retreating from crypto exchanges, as evidenced by a decreased exchange-whale ratio.

This metric, derived from the total Bitcoin volume of the top 10 transactions divided by the total Bitcoin volume flowing into exchanges, has slid to around 0.3, a level unseen since March. This could mean that major Bitcoin holders are either retaining their assets or moving them to other investments or private wallets.

These contrasting dynamics in Bitcoin trading may indicate a possible shift in the cryptocurrency market. While smaller cohorts may be selling, the largest investors continue to accumulate. As always, market participants will have to navigate these choppy waters with careful analysis and risk management.

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