Bitcoin Whales Back in Accumulation After Months of Dumping

The world’s largest cryptocurrency Bitcoin (BTC) has once again restored its price above $30,000 levels. As of press time, Bitcoin is trading 2.56% up at a price of $30,234 and a market cap of $585 billion.

The Bitcoin price currently continues to oscillate in the support and resistance range between $29,500 and $32,500 respectively. Amid the current price action, both – BTC shrimps, as well as BTC whales, have continued accumulating at different price levels.

The Bitcoin shrimps i.e. the investor cohort holding less than 1 BTC have registered a meaningful growth in their on-chain balances. Also, after the collapse of the Terra ecosystem, there’s also a clear shit in the accumulation behavior of shrimps.

As per on-chain data provider Glassnode, retail participants have accelerated their absorption of Bitcoins. Simultaneously, they have also increased the relative share of the total circulating supply by 1.78%.

On the other hand, the Bitcoin whales cohort i.e. addresses holding between 100-1k BTC are back in accumulation after dumping for months together. Just over the last two days, this cohort has added more than 20,000 Bitcoins to their kitty. As per data from Santiment:

“Whale addresses holding 100-1k $BTC are back in accumulation mode after the month-long dump. 20,007 $BTC has been added in the past 2 days. #Bitcoin has had an up-and-down Tuesday with a jump above $30.5k, and now a revisit back to the $30.0k support”.

Bitcoin HODLers Have Diamond Hands

As per the data from Glassnode, Bitcoin hodlers have demonstrated the characteristics of diamond hands, while holding their supplies firmly. Although the BTC price has jumped by more than 80% in 2023 so far, there’s no significant uptick in the older coins being spent.

The above chart shows that coins purchased over the last three months represent less than 20% of the wealth held in Bitcoins. This behavior usually depicts the period of bear cycle lows.

Glassnode adds: “By contrast, this means coins older than 3 months (HODLers) hold over 80% of the wealth, despite the brutal drawdown of 2022, and market upswing in 2023.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.