Analysis: BTC Profits on the Horizon as Whale Traders Buy 1.5 Million BTC
Date: 2024-10-11 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
According to analytics platform CryptoQuant, the largest Bitcoin holders (whales) are in active accumulation mode, while speculators are emotionally selling. Over the past six months, whales have acquired 1.5 million BTC, despite prices falling below $60,000.
Axel Adler Jr.’s data analysis shows that whales holding more than 1,000 BTC are wasting no time in increasing their holdings. “Nothing to discuss here,” he said, highlighting the ongoing strategy of large investors to accumulate Bitcoin since the all-time high in March.
While whales are actively buying, small holders — those with less than 1,000 BTC — are selling off their holdings. Furthermore, recent price action has shown that speculators known as short-term holders (STH) are regularly selling Bitcoin at a loss. A chart published by Adler shows that 24.1 thousand BTC have been sold at a loss in the last 24 hours.
Short-term holders, who have held BTC for less than 155 days, tend to be reactionary when prices change. This leads to sharp sell-offs or purchases, as seen in the recent price increase to $66,000.
As for whales, another CryptoQuant analyst, DarkFost, noted that accumulation in the $54,000-$68,000 range is significant. “New whales are actively entering the game and accumulating BTC, while existing ones are also increasing their positions,” he concluded. “This suggests that there is potential for price growth in both the medium and long term.”
