Bitcoin Whales Accumulate 94.7K BTC Over the Past Six Weeks Amid Price Uncertainty

After bitcoin reached its all-time high in March, the market entered a prolonged phase of supply distribution involving wallets of different sizes.

As bitcoin's choppy price action continues to keep market participants on edge, certain holders of the world’s leading crypto asset are ramping up their holdings.

Bitcoin whales, specifically those holding between 100 and 1,000 BTC, have significantly increased their holdings over the past six weeks. This cohort of whales has added an impressive 94.7K BTC to their stashes, according to recent findings by Santiment.

This surge in accumulation comes at a time when many traders are opting to leave the crypto market amid heightened price uncertainty. However, these key stakeholders are using this downturn to bolster their positions.

According to the crypto analytic platform, this might indicate a bullish outlook among those who can substantially influence the market.

Following bitcoin's all-time high in March, the market experienced a sustained period of supply distribution across wallets of varying sizes. During the lead-up to this peak, on-chain intelligence platform Glassnode reported that Long-Term Holders (LTH) had largely engaged in selling their holdings.

But recently, they have shifted back to holding, with an additional 374,000 BTC moving into LTH status over the past three months. This was speculated to be a sign that investors' preference for holding their BTC now outpaces the pressures to spend it, despite the volatility.

Currently, bitcoin is trading at around $61,000, having surged by 4% over the past 24 hours. Notably, experts believe that BTC’s major sell-offs are now largely complete.

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

Historically, bitcoin has struggled in the one to three months following a halving event, which occurred in April this cycle. 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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