Bitcoin Whales Emerge as Accumulation Heats Up

Recent Bitcoin whales' accumulation activity has added 1.97 million Bitcoin to newly created wallets, signaling increased interest and a shift in market sentiment towards BTC near its all-time highs.

Bitcoin whales have shifted their focus toward accumulating large quantities of the cryptocurrency even as its price remains close to its all-time high. This move marks a departure from past cycles, where buying by whales typically surged during deep corrections.

Now, investors are continuing to add to their holdings even during smaller dips. The absence of a significant drawdown has not deterred them from accumulating. This shift in behavior is occurring as Bitcoin trades around $68,000.

Recent Bitcoin whales’ accumulation activity has added 1.97 million Bitcoin to newly created wallets, signaling increased interest and a shift in market sentiment towards BTC near its all-time highs.

That trend is not limited to older big investors, as new wallets have actively accumulated BTC in recent weeks. According to CryptoQuant CEO Ki Young Ju, the balance of BTC held in wallets less than 155 days old surged over 813% so far this year, with most of it happening within the past month. Ju pointed out in a thread on X that the new investors had wallets that were shifting the distribution of BTC holdings. This may change the future dynamics of price.

Ki Young Ju highlighted the entry of new whale wallets, each holding over 1,000 BTC on average, with an average coin age of less than 155 days, excluding exchange and miner wallets. These wallets, likely custodial, have been accumulating BTC since May, while miner wallets have also been adding to their holdings.

Together, these wallets now hold 9.3% of the total BTC supply, valued at $132 billion at current prices. This accumulation is also evident in the adjusted Unspent Transaction Output (UTXO) Realized Price (aSOPR) metric, which shows that whales are absorbing nearly all the newly issued Bitcoin.

This output metric is used to assess the profitability of spent coins in theホルダーddress Unspent Transaction Output (UTXO) set. It provides insight into the realized gains/losses of spent coins in the mempool. The realized price is the price at which a coin was last moved. Coins are considered "spent" when they are included in a transaction in the mempool.

aSOPOR is calculated by dividing the realized price of spent coins by the output price of unspent coins in the ホルダーddress UTXO set. A value greater than 1 indicates that spent coins are being sold at a profit on average, while a value less than 1 indicates that spent coins are being sold at a loss on average.

However, it’s not just Bitcoin that has seen the increased whale activity. Just recently, a surge in whale activity, with large holders accumulating significant amounts of AAVE, has fueled speculation of a potential price rally.

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