#Bitcoin❗ whales have purchased more than $90 billion worth of $BTC
tokens over a six-month period, despite market fluctuations.
This was reported today by CryptoQuant author Axel Adler Jr. The analyst confirmed that #bitcoin☀️ whales, investors who own more than 1,000 #BTC☀ , have significantly increased their holdings since May 2024.
Bitcoin whales have accumulated $90 billion in assets
Over the past six months, they have accumulated about 1.5 million BTC. This amount represents a huge influx of capital into Bitcoin, amounting to about $90 billion based on an average price of $60,000. However, these tokens came from weaker hands that sold at a loss.
These numbers indicate a surge in whale activity, as they initially held just 335,000 BTC in early May. During this period, bitcoin traded between $60,000 and $65,000.
While prices have largely remained within this range, the whales have continued to steadily increase their holdings. Now, six months later, these large holders own approximately 1.9 million BTC, indicating confidence among high net worth investors despite recent fluctuations in bitcoin prices.
Recent data suggests that accumulation is not stopping despite recent price corrections, as indicated by IntoTheBlock's Large Holders Netflow metric. For example, on Friday, BTC fell below $59k for the first time this month, leading to massive liquidations.
However, Large Holders Netflow, which tracks BTC net flows among those holding 0.1% of the circulating supply, shows that even during that drop, large holders had a net positive inflow of 629 BTC yesterday. Two days earlier that figure was higher, with large holders acquiring 2,480 BTC.
Exchange reserve falls despite market indecision
Furthermore, data from CryptoQuant shows that bitcoin's exchange reserve has collapsed from 2.576 million tokens in early October to the current figure of 2.571 million tokens, despite recent growth. This further confirms the hoarding trend.
At the time of publication, bitcoin is currently trading at $61,690, down 1.68% for the week. The Directional Movement Index (DMI) shows that the positive directional indicator (+DI) is at 18.3, while the negative directional indicator (-DI) is slightly higher at 23.3 but moving down.
This indicates that while bearish sentiment remains dominant, selling pressure may be easing. The Average Directional Index (#ADX ), which is at 21.6, is also trending lower, indicating a lack of strong momentum.
In addition, the Williams %R is currently at -40.74. This level indicates that bitcoin is in a neutral position. In other words, the market remains uncertain and bitcoin may remain in the current trading range for some time to come unless there is significant buying or selling pressure.
