Bitcoin Hodlers Wallet Balances Continue to Rising as BTC Price Drops 50%: IntoTheBlock
According to a recent report, long-term investors are again collecting Bitcoin as its price drops 50% against ATH
On-chain data provider IntoTheBlock shared a tweet with a chart showing that Bitcoin hodlers have now been actively adding to their BTC supply and the price is down about 50% from its all-time high of nearly $ 69,000.
Long-term holders buy on the dip
The tweet says that during previous bear markets and rallies, hodlers have followed a similar pattern – gathered on the dip and sold as Bitcoin price hit new highs. The chart confirms this and shows a curve of Bitcoin hodlers’ balances going up and down.
According to the chart, their cumulative balance in late November, ahead of the all-time high of $69,800, reached nearly 12.5 million BTC. After that, hodlers started selling and bringing them back to about 10 million Bitcoins.
With the price holding in the $36,500 range, the curve is moving back up.
$BTC Hodlers Accumulate
In past bull and bear markets, we see Hodlers repeating a similar pattern:
– As prices reach new highs, Hodlers tend to lower their balance
-If prices fall by 50% or more, the total balance at Hodlers addresses will continue to increase. pic.twitter.com/2zMUlBMTSO
— IntoTheBlock (@intotheblock) January 28, 2022
Whales have added 60,000 BTC in the past two months
According to data provided earlier today by another analytics firm, Santiment, cryptocurrency whales (with wallets containing 100+ BTC) had accumulated 60,000 Bitcoins in the past two months.
This large amount of the leading cryptocurrency is worth just over $2,200,026,000 at the time of writing.
The Santiment team adds that in the past five years — that is, since 2017 — these whales have amassed a massive 1.7 million BTC, which equates to a staggering $62,334.07 million.
Wallets holding between 100 and 1,000 BTC now hold a cumulative of 3,956,271 BTC, which is nearly 21% percent of all Bitcoins in circulation, according to BitInfoCharts’ BTC-rich list.