Here’s how much major Bitcoin BTC holders bought in five months amid market volatility

Large investors have actively accumulated Bitcoin during market downturns, potentially viewing them as buying opportunities and then selling during periods of market recovery or anticipation of greater institutional adoption.

The data shows that the collective holdings of Bitcoin wallets containing at least 10 BTC have increased significantly in the past five months. In fact, this cohort was found to have added 154,560 BTC during the same period.

According to Santiment’s latest analysis, the accumulation of large “sharks” (also known as large investors) and “whales” began amid a market crash in October 2019, continuing after the scare of COVID-19 and until the beginning of 2022. This subsequently pushed the price of the asset. above a new all-time high above $60,000. Mid-2022 witnessed the start of massive dumping as US interest rates wreaked havoc across markets and dragged BTC below $17,000. This period lasted until December 2023, after which aggressive sharks and whales began to accumulate, probably in anticipation of increased institutional investment. This was right before the Bitcoin ETF approvals in January of this year. The addition of a further 154,560 BTC over the past five months to the end of May 2024 indicated significant accumulation by large investors during this period. Typically, when these large Bitcoin holders accumulate more, it tends to precede a bullish phase with rising market prices. On the other hand, when these holders start unloading their BTC stash, it often signals the onset of a prolonged bear market. Additionally, 50% of the total BTC supply of another group of long-term holders, who hold BTC for 1-2 years, has been idle for over a year, suggesting reluctance to sell the your tokens for quick earnings. These observations indicate that bitcoin may be poised for a new near-term peak, with some experts predicting that this could happen between October 2024 and March 2025. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): use this link to register a new account and get an exclusive welcome offer of $600 on Binance (full details).

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