Bitcoin Whale Accumulation Claims Overstated, Onchain Data Shows
- Onchain data indicates that Bitcoin whales are not in a reaccumulation phase, contrary to popular belief.
- Much of the perceived whale activity is influenced by cryptocurrency exchanges consolidating smaller wallets into larger ones for operational reasons.
- Overall whale balances are declining, with addresses holding between 100 to 1,000 BTC also experiencing reductions.
- US spot Bitcoin ETFs now hold nearly 1.3 million BTC, accounting for about 6.2% of Bitcoin’s total supply.
- Long-term holders have shifted to net accumulation over the past month after significant selling pressure since early this year.
The data suggests that while large holders may be distributing their assets, long-term holders are beginning to accumulate again, potentially easing recent selling pressure on Bitcoin.
At present, Bitcoin is trading slightly above $90,000 and has avoided retesting its sub-$80,000 low from November.(Source)
