Addresses with 100 to 1000 BTC are the Only Ones Accumulating!

Meanwhile, all other addresses are in Distribution, meaning they are selling their BTC.

However, there’s an interesting twist in this story. Since the end of 2020, addresses holding 100 to 1000 BTC have shown a strong correlation with Bitcoin’s price action. In other words, when they accumulate, we see upward price movements, and when they distribute, price declines are observed.

Even though price action may take days or weeks to materialize, this address category seems to best represent what we call Whales or Market Makers, as we know that most addresses holding over 1000 BTC belong to Exchanges.

Thus, this category seems to better represent institutional action compared to other cohorts.

Currently, we refer to these addresses as "🐬The Dolphins," and they accumulated about 344k BTC at their peak on December 6, over a 60-day period. In the past week, they distributed around 11K BTC, which likely had a direct impact on recent volatility.

But it's still too early to say that they’ve stopped accumulating, so it’s crucial to track Onchain metrics daily!

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