$BTC

Whales accumulating BTC since Bitcoin (BTC) prices dropped below $60,000, according to Cointelegraph. Data from on-chain analytics platform CryptoQuant, shared by author Axel Adler Jr. on Oct. 11, shows that whales have accumulated 1.5 million BTC over the past six months. Adler's analysis of well-known whale wallets (excluding those of miners and centralized exchanges) suggests a clear strategy by large investors. He noted that whales with a combined total of over 1,000 BTC have been steadily increasing their holdings since the all-time high in March. Conversely, smaller whales holding less than 1,000 BTC have been selling during the same period. CryptoQuant data also shows that other classes of Bitcoin investors, particularly short-term holders (STHs), are selling at a loss. As BTC/USD fell below $60,000 on October 10, Adler highlighted that STHs have repeatedly sold coins on exchanges at a loss in 2024. He noted that these loss-making sales are likely the source of the 1.5 million BTC accumulated by the largest whale. STH firms, who hold BTC for up to 155 days, are known for their reactive buying and selling behavior. Their reactions to Bitcoin's recent price movements, including the drop to $66,000, have been characterized by quick selling or buying. CryptoQuant colleague DarkFost highlighted the importance of whale accumulation between $54,000 and $68,000. He noted that new whales are entering the market and existing whales are expanding their positions. This increased accumulation suggests that BTC price may be on the brink of a bullish move in the medium to long term. This article does not contain any investment advice or recommendations. Any investment or trading decision involves risk and readers should conduct their own research when making any decision.

#BTC☀