The recent accumulation of Bitcoin by large-volume investors (whales) comes amid notable price volatility, including a drop below $60,000 on October 10. According to Axel Adler Jr., a CryptoQuant contributor, whales (investors holding more than 1,000 BTC) have been steadily increasing their positions, accumulating approximately **1.5 million BTC** over the past six months. This trend has been ongoing since Bitcoin reached its all-time high in March.

While whales are actively buying more $BTC

, **short-term holders (STHs)**, who generally hold BTC for less than 155 days, have been reacting to market fluctuations by selling at a loss. In the last 24 hours alone, **24.1K BTC** were sold at a loss. This contrast highlights a significant divergence between whale behavior, which is more strategic and long-term, and the reactionary selling of STHs.

CryptoQuant’s analysis shows that whales are accumulating Bitcoin in the price range of **$54,000 to $68,000**, signaling potential confidence in a future price increase. This accumulation pattern suggests that whales may anticipate upward price movements for Bitcoin in the mid to long term, as they continue to grow their balances despite recent volatility.