Bitcoin Whale Wallets Add 1.5M BTC During Market Pullback, On-Chain Analyst Confirms
When the price of Bitcoin dropped below $60,000, investors continued to buy the dip. Whales have amassed 1.5 million Bitcoin over the last six months, according to data from on-chain analytics firm CryptoQuant that contributor Axel Adler Jr. published to X on October 11.
Since March’s all-time highs, Bitcoin whales have been steadily increasing their exposure to the cryptocurrency. Adler verified a distinct tactic used by high-volume investors by examining well-known whale wallets that are not associated with miners or controlled exchanges.
1.5M BTC has been accumulated by whales (with >1K BTC on balance) over the last 6 months. There’s really nothing to discuss here.
Adler
Short-Term Bitcoin Holders Sell at a Loss as Price Falls Below $60K, Data Shows
Examining the latest price movement in detail, CryptoQuant reveals that certain categories of Bitcoin investors have also been selling their holdings at a loss. Specifically, in 2024, short-term holders (STHs), or Bitcoin speculators, will have traded coins on exchanges multiple times for a loss. On October 10, Adler released a chart of STH profit and loss (P&L) on transactions to exchanges as BTC/USD fell below $60,000. The biggest whales are feasting on these coins, he reasoned.
Wallets that hold a specific amount of Bitcoin for up to 155 days are known as STH entities, and they are notorious for their impulsive purchasing and selling habits. As seen by their reaction to Bitcoin’s recent surge to $66,000, cohorts may quickly sell their holdings or purchase them in response to price volatility in that direction.
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