Bitcoin whales are accumulating significant amounts of BTC despite price declines. However, exchange flow changes are revealing different sentiments among investors. Let’s take a closer look at this accumulation trend and the BTC inflow to exchanges.
Despite recent price fluctuations, Bitcoin whales have demonstrated their determination to accumulate by adding more than 22,000 BTC over the past week. This wave of accumulation emerged in a context where BTC was trading around $42,400 and showed signs of a slight recovery.
Despite the overall increase in whale addresses, a detailed analysis of the BTC supply distribution reveals interesting patterns. Data from Santiment shows fluctuations in addresses holding between 1-10 thousand BTC throughout the week, with the number of addresses dropping from 1,932 to 1,928 on December 14th.
Contrary to the accumulation trend, CryptoQuant’s analysis of Bitcoin exchange flows indicates an increase in the amount of BTC entering exchanges since December 5th, with a notable exception on December 14th. This increase in entries to exchanges, consistent with fluctuations in whale accumulation patterns, suggests an increase in selling activities. During the analysis, the net exchange flow was recorded at approximately 805 BTC.
On December 15th, BTC fell more than 2.5% to $41,450, but there has been a recent attempt at recovery. According to the latest data, BTC is trading around $42,240, with an increase of less than 1%.
Despite market fluctuations, the continuation of whale accumulations points to a potential long-term strategy. Whales, aligning their positions with a positive long-term BTC outlook, may anticipate an upcoming price rise. As market dynamics evolve, monitoring these accumulation trends is vital for understanding the overall trajectory of Bitcoin.