Bitcoin accumulation still on pace despite selling pressure
Bitcoin whales in the 10-to-10,000 BTC holding range have accumulated around 0.9% of the total supply over four months amid large-scale profit-taking and diversification into other coins.
Whale Accumulation
Cryptocurrency analytics platform Santiment data indicates that 89 wallets holding between 10 and 10,000 BTC (roughly 0.0014% of the supply) bought an additional 0.9% of circulating supply over the past four months.
This increased the whales’ market share within the 10-to-10,000 BTC range to over 1% and their collective ownership of all Bitcoin supply to nearly 68%. Recently, these whales have also accumulated 30,000 BTC, or another 0.0006%, over the past 48 hours.
Profit Taking from Large Holders
Amid this buying pressure, holders of significant quantities, including the world’s largest current Bitcoin wallet, recently sold large amounts.
In one significant transaction, a Bitcoin holder helped by Galaxy Digital sold $9 billion worth of Bitcoin over a Monday session after initially selling $3 billion.
Market analysis indicates that despite this single large sell-off, overall market participants still report substantial paper gains, exceeding $1.4 trillion.
Whales Expand Diversification Appetite
Large investors are moving beyond Bitcoin, allocating capital to other major cryptocurrencies.
Whales have significantly increased their Ethereum holdings recently, while Solana and a select sampling of memecoins also attract interest.
Anonymously sources indicate allocations include a recent $463 million Ethereum investment, as well as a smaller interest in coins like PEPE and WIF.
Market Sentiment Flip & Cap Pauses Near $4T
Market momentum has shifted significantly on the prediction platform Myriad Market. Optimism surrounding a price exceeding $119,000 has become the minority view, with bears outnumbering bulls 55% to 45%.
Currently, Bitcoin trades near $118,556, having gained 0.8% in the previous day amidst increased trading volume. Market cap has paused at roughly $3.44 trillion after hitting the psychological $4 trillion barrier earlier.
Analysis Perspective
While bitcoin prices have fluctuated around recent highs, a divergence appears to exist between large investors (buying) and one substantial holder (selling), underlining fragmentation or differing investment strategies across the whale population. Market cap appearances also reflect a temporary pause despite predictions for higher levels.
