Here’s how much BTC Big Bitcoin holders bought in five months amid market volatility
Large investors may actively accumulate Bitcoin during market downturns, view them as buying opportunities, and then sell them during market upturns or in anticipation of increased institutional adoption.
The data shows that the collective holding of Bitcoin wallets containing at least 10 BTC has increased significantly in the last five months. In fact, this group was found to have added 154,560 BTC during the same period.
According to Sentiment's latest analysis, large “shark” (also known as large investors) and “whale” stocks started in October 2019 amid a market downturn due to Covid fears and continuing into early 2022. A new all-time high of over $60,000. Mid-2022 saw the start of a mass dump with US interest rates wreaking havoc on all markets and dragging BTC below $17,000. This period extends until December 2023, after which ferocious sharks and whales begin to accumulate, possibly due to increased institutional investment. This was before the approval of the Bitcoin ETF in January this year. The addition of 154,560 additional BTC in the last five months to the end of May 2024 indicates a significant accumulation by large investors during this period. Typically, as these large Bitcoin holders accumulate more, the market price rises ahead of the crash phase. On the other hand, when these holders start unloading their BTC stocks, it often signals the start of a long bear market. In addition, 50% of the total supply of BTC from another group of long-term holders, holding BTC for 1-2 years, has remained inactive for more than a year, indicating their unwillingness to sell their tokens for quick profit. These observations suggest that Bitcoin will hit new highs in the near future, with some experts predicting that this could happen between October 2024 and March 2025.
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