New data from market intelligence platform IntoTheBlock shows that crypto whales have amassed more than $10 billion worth of Bitcoin (BTC) in the past six months.
In a new report, IntoTheBlock say that whales don’t seem concerned about the downward price action, as deep-pocketed investors holding between 100 and 1,000 Bitcoin have steadily amassed tens of thousands of BTC in recent months.
“Unfazed by the market, addresses holding between 100 and 1,000 BTC have remained unaffected by recent market fluctuations and have continued to accumulate steadily over the past few months.
These addresses now control 20.3% of the circulating supply, equivalent to 4.01 million BTC, compared to 3.82 million BTC six months ago, reflecting a 5% increase.”
IntoTheBlock’s figures indicate that major Bitcoin holders added 190,000 BTC to their stacks in six months.
However, according to the crypto analytics firm, short-term holders – or those who have held BTC for less than 155 days – could capitulate and become a source of selling pressure on Bitcoin.
“Many recent Bitcoin investors are currently facing unrealized losses, which could cause heavy selling pressure if the market experiences another downturn.
Despite 78% of all Bitcoin addresses making a profit, indicating a healthy overall level of profit among holders, those who purchased Bitcoin at the current price (mostly short-term buyers) may face significant market pressure.
These addresses belong to individuals who purchased Bitcoin between $47,000 and $64,000, of which only 27.6% are currently making a profit.”
Bitcoin is trading at $55,084 at the time of writing, up more than 1% in the past 24 hours.
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Generated image: Midjourney