Bitcoin whales raise 94.7 thousand BTC in just 6 weeks

The choppy consolidation of bitcoin’s price action has many market players worried. However, certain holders of the world’s largest crypto asset are apparently increasing their holdings.

In fact, bitcoin whales, especially those with between 100 and 1,000 BTC, have significantly increased their holdings.

Accumulation of Bitcoin

Over the past six weeks, this cohort of whales has amassed an additional 94.7K BTC, according to Santiment’s latest findings. This increase in accumulation comes amid a period of increased price uncertainty that has led many traders to exit the crypto market.

While retail and smaller investors may be reeling from the volatility, these key stakeholders are taking advantage of the downturn to shore up their positions, which may indicate a bullish outlook among those with significant market influence, according to the cryptographic analysis platform.

After bitcoin reached its all-time high in March, the market entered a prolonged phase of supply distribution with wallets of varying sizes. In the run-up to this peak, on-chain intelligence platform Glassnode found that long-term holders (LTH) had largely sold off.

Recently, however, they have held again, with an additional 374,000 BTC moving into LTH status in the past three months. This was speculated as a sign that investors’ preference to hold their BTC now outweighs the pressures to spend it, despite the uncertainty.

Bitcoin is currently trading near $61,000 after rising 4% over the past 24 hours. Experts believe that the major BTC selloff is potentially over.

“Forced sale behind us?”

In an August 19 interview with CNBC, Matthew Sigel, head of digital asset research at VanEck, highlighted the seasonal patterns that bitcoin tends to follow after the halving. He noted that with the recent wave of forced selling now behind us, BTC is entering a period that typically poses challenges to its price performance.

Historically, bitcoin has struggled between one and three months after a halving event, which in this cycle occurred in April. Sigel’s observations suggest that while the immediate pressures on BTC have eased, the market could still face headwinds as it continues to navigate this traditionally difficult phase.

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