Bitcoin (BTC) Whales Increase Accumulation Spree as Price Dips Below $60,000
Bitcoin (BTC) whales and long-term holders increased their balances at a 6.3% monthly rate, indicating more demand for the cryptocurrency despite a market decline.
Bitcoin (BTC) whales and long-term holders are accumulating the cryptocurrency at the fastest rate since April 2023, according to CryptoQuant.
The report, released on Wednesday, showed that BTC whales and long-term holders increased their balances at a 6.3% monthly rate. This comes as several on-chain indicators suggest that Bitcoin is preparing for a price pump.
CryptoQuant defines a whale as an entity that holds at least 1,000 BTC, while a long-term holder is an entity that has held BTC for at least 155 days. The firm’s analysis is based on data from the seven largest centralized cryptocurrency exchanges, including Binance, Coinbase, FTX and Kraken.
According to CryptoQuant, the last time BTC whales accumulated at a faster rate was in April 2023, when the cryptocurrency was trading around $30,000.
The report also highlighted that BTC whales are accumulating despite the sell pressure that has been building up over the last two weeks. Several large batches of BTC were moved to centralized exchanges, and宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕宕
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