Bitcoin’s “whales,” or large holders, have returned to net accumulating this month. Their recent frenetic activity has swelled their holdings to a one-year high. The firm's analysis suggests that long-term Bitcoin holders are maintaining their positions, and the worst of the sell-off may be over, potentially signaling the end of the cryptocurrency's bearish trend.
According to data from Swissblock Technologies, long-term Bitcoin holders of record high levels of fear are not panic selling. And according to the firm, Bitcoin’s ‘whales’ have started their accumulation process again this month. Consequently, their current position is at a one-year high. According to proprietary data from Swissblock Technologies, we reached the conclusion of the longest sell-off by long-term holders.
"Whales are back, nearing all-time high BTC holdings since the halving. Strong hands are accumulating faster, holding price but, of course, waiting for the best bid." - Swissblock
The analytics firm noted long-term holders started to distribute recently. Though historic in its retail sell-off enormity, this sell-off was not as bad as the July/August 2024 period. Bitcoin’s price was taut like a bowstring, proving its resilience by not breaking down earlier this week while equites were losing value.
"Historically, this signals more upside, even a brief dip won’t stop it." - Swissblock
Its current stability follows on from its fourth halving event on the 19th of April, 2024. As we write this, Bitcoin is priced at $84,490. According to Swissblock, Bitcoin might fall by around 5% before it advances southward. This would increase its valuation to about $80,000.
