Bitcoin whales are leveraging the recent stagnation in the crypto market to accumulate tokens from minor traders. As per the data from the on-chain analytics platform CryptoQuant, wallets possessed by institutional investors are pushing cumulative holdings above 3.9M $BTC.
Whales continue to accumulate coins from impatient investors“Last week, institutional wallets that exclude miners and exchanges accumulated more than 67,000 coins in the 30-day window, surpassing more than 3.9 million $BTC.” – By @caueconomy Link https://t.co/8ljlA5ViLP pic.twitter.com/56OhcO10Mp
— CryptoQuant.com (@cryptoquant_com) October 15, 2024
$BTC Whales Continue Accumulation Despite the Current Market Volatility
A CryptoQuant analyst “caueconomy” discussed the endeavors of the $BTC whales that are continuously accumulating during the latest market volatility. However, the analyst mentioned that these investors exclude miners as well as some exchanges. These exchanges have collected above 67,000 $BTC tokens during the past thirty days. This places their cumulative holdings above 3.9M $BTC. The respective activity mirrors a resilient trend.
A decrease has occurred in the positions denoting the retail investors because of the sideways price movement of Bitcoin. On the other hand, institutional players are coming forward by quietly establishing considerable reserves. This change in investor sentiment has emerged across diverse platforms. As a result of this, massive buying pressure is targeting top exchanges like Bitfinex and Coinbase.
Large Bitcoin Investors Show a Keen Interest in the Top Crypto Asset’s Long-Term Potential
This indicates that whales are continuously incorporating Bitcoin. In the meantime, crypto exchanges such as Bybit and Binance are majorly seeing short positions. This further signifies that the minor investors are reportedly betting against the short-term price rise of Bitcoin. According to CryptoQuant,, the current whale accumulation, irrespective of the ongoing market stagnation, shows that the big investors are still bullish on the long-term potential of Bitcoin.
