New data from market intelligence platform IntoTheBlock reveals that crypto whales have accumulated over $10 billion worth of Bitcoin (BTC) during the last six months.
In a new report, IntoTheBlock says that whales appear unworried by the downward price action as deep-pocketed investors holding between 100 and 1,000 Bitcoin have been steadily collecting tens of thousands of BTC over the past several months.
“Unfazed by the market, addresses holding between 100 and 1,000 BTC have remained unaffected by recent market fluctuations, continuing to steadily accumulate over the past few months.
These addresses now control 20.3% of the circulating supply, equivalent to 4.01 million BTC, up from 3.82 million BTC six months ago, reflecting a 5% increase.”
IntoTheBlock’s numbers indicate that large Bitcoin holders have added 190,000 BTC to their stacks in half a year.
However, according to the crypto analytics firm, short-term holders – or those who hold BTC for less than 155 days – may capitulate and be a source of sell pressure on Bitcoin.
“Many recent Bitcoin investors are currently facing unrealized losses, which could trigger heavy selling pressure if the market sees another downturn.
Despite 78% of all Bitcoin addresses being in profit, indicating healthy overall profit levels among holders, those who acquired Bitcoin near the current price – typically short-term buyers – may encounter significant market pressure.
These addresses belong to individuals who bought Bitcoin between $47,000 and $64,000, with only 27.6% of them currently in profit.”
Bitcoin is trading for $55,084 at time of writing, an over 1% increase during the last 24 hours.
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