Originally published on: October 11, 2024
Bitcoin whales are taking advantage of price weaknesses as they continue to accumulate BTC, with a staggering 1.5 million Bitcoin acquired over the past six months. This trend of increasing exposure to Bitcoin has been consistent since the all-time highs in March.
Analysts have noted a clear strategy being employed by large-volume investors, with known whale wallets belonging to neither miners nor centralized exchanges actively participating in buying activities.
On the flip side, smaller whales with less than 1,000 BTC have been seen selling during the same period. Meanwhile, other classes of Bitcoin investors, such as short-term holders (STHs), have been selling at a loss, providing an opportunity for the big whales to snap up discounted coins.
As BTC price dipped below $60,000, data from onchain analytics platform CryptoQuant revealed the profit and loss (P&L) of STH transactions on exchanges, indicating that substantial whale accumulation may result from these loss-making sales.
Despite the reactionary buying and selling behavior of STH entities, ongoing whale accumulation between $54,000 and $68,000 has been deemed significant, with both new and existing whales increasing their positions.
While this article does not offer investment advice, the latest trends in whale activity suggest that a potential BTC price surge could be on the horizon. Stay informed with critical insights by subscribing to the Markets Outlook newsletter for more updates on investment opportunities and trading strategies.
