Bitcoin Whales Accumulate Amid Price Dip

According to Cointelegraph, Bitcoin (BTC) whales have been actively accumulating BTC as the price dipped below $60,000. Data from onchain analytics platform CryptoQuant, shared by contributor Axel Adler Jr. on Oct. 11, reveals that whales have amassed 1.5 million BTC over the past six months. Adler's analysis of known whale wallets, excluding those belonging to miners or centralized exchanges, indicates a clear strategy by large-volume investors. He noted that whales with more than 1,000 BTC on balance have been steadily increasing their holdings since March's all-time highs. Conversely, smaller whales, holding less than 1,000 BTC, have been selling during the same period. CryptoQuant's data also shows that other classes of Bitcoin investors, particularly short-term holders (STHs), have been selling at a loss. As BTC/USD fell below $60,000 on Oct. 10, Adler highlighted that STHs have repeatedly sold coins at a loss on exchanges in 2024. He pointed out that these loss-making sales are likely the source of the 1.5 million BTC accumulated by the largest whales. STH entities, which hold BTC for up to 155 days, are known for their reactionary buying and selling behavior. Their response to Bitcoin's recent price movements, including a drop to $66,000, has been characterized by rapid sell-offs or buy-ins. Fellow CryptoQuant contributor DarkFost emphasized the significance of whale accumulation between $54,000 and $68,000. He noted that new whales are entering the market and existing whales are increasing their positions. This growing accumulation suggests a potential upward move for BTC price in the mid-term or long-term. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.