Bitcoin Whales Are Aggressively “Accumulating Goods” Like 2020

Both old and new whale wallet addresses are “accumulating” Bitcoin (BTC) aggressively, similar to the period from July 2020 to January 2021, when the price of BTC increased by 550%.

According to historical data, Woominkyu (expert at CryptoQuant) is seeing a positive market trend, a strong breakout may be coming soon.

As shown in the chart, the ratio of Bitcoin whales on spot exchanges is similar to around July 2020, 3 months after the Covid black swan.

Woominkyu points out that whales are accumulating BTC despite short-term fluctuations. They are ready to receive FOMO from retail investors.

According to Cointelegraph, in the past 6 months, whales have collected more than 1.5 million BTC, each wallet containing up to 1,000 BTC, equivalent to 68 million USD.

CryptoQuant CEO Ki-Young Ju said that new whale wallets (measured by holding BTC for less than 155 days) have created a new ATH of 1.97 million BTC.

Notably, these wallets are not related to miners. The BTC balance of these wallets has increased nearly 10 times this year, accounting for 9.3% of the total supply, equivalent to 132 billion USD.

However, although many whales are accumulating, some long-term investors and miners may be taking profits. This creates a selling force that has prevented the price from really breaking out.

In addition, short-term holders are shifting to an accumulation state, thus absorbing the selling force mentioned above.

Keeping an eye on Long-term holders (LTHs), Short-term holders (STHs) and miners is really important to predict the next move of the market. What about you? How do you assess the BTC trend in the late 2024 period?