Bitcoin Whales Are Now Adding Just 1% to Their Bitcoin Holdings Each Month

The accumulation of Bitcoin by large investors in the cryptocurrency has slowed considerably compared to the surge to all-time highs earlier this year.

Bitcoin Whales Are Getting Rid of the Fear of Missing Out

Bitcoin is still not strong enough to attract the kind of investment that could send it to all-time highs.

According to CryptoQuant, the largest investors in BTC — akin to whales — have slowed their pace of accumulation since the all-time high in March.

The report reveals that “the 30-day relative change in whale holdings has fallen from 6% in February — the fastest pace since February 2019 — to just 1% currently.”

“Historically, a monthly growth rate of more than 3% in whale holdings has been associated with rising Bitcoin prices, which is not the case at the moment.”

If whales don’t provide the firepower needed to propel Bitcoin higher, U.S.-based bitcoin exchange-traded funds (ETFs) are currently an unreliable alternative.

Daily net inflows into ETF products are a fraction of March’s tally, with the daily average for the past week being 1,300 BTC.