Bitcoin Whales In Uncertainty As BTC Won’t Stay Above $40,000

Vladislav Sopova

Large and small holders of Bitcoin (BTC) have chosen different strategies as Bitcoin (BTC) struggles to defend the crucial $39,000 level


Buy Bitcoin (BTC) wallets with less than 1 BTC; whales stay carefulHas Bitcoin (BTC) bottomed out?

Bitcoin (BTC), the largest cryptocurrency, is down more than 8% from its recent local high above $42,500. However, this doesn’t stop the optimism of small holders, on-chain data says.

Buy Bitcoin (BTC) wallets with less than 1 BTC; whales stay careful

According to charts from Ecoinometrics, an on-chain analytic platform, there are currently two clear accumulation/distribution patterns in the Bitcoin (BTC) community.

The first is evidenced by accounts with balances of 1 BTC and below. They have been accumulating Bitcoins (BTC) since early Q3 2021: in total, they have increased their balance by almost 10%.

This process only lost steam once, when Bitcoin (BTC) hit its latest all-time high of over $69,000 in November 2021.

In contrast, the biggest whales on the Bitcoin (BTC) network, which each have 1,000-10,000 BTC, are not so thrilled. For the past 30 days, the biggest Bitcoiners have been handing out their bags.

Has Bitcoin (BTC) bottomed out?

The top-tier whales piled up in the fourth quarter of 2020 and the second quarter of the third quarter of 2021. As such, their net balance is almost the same as it was 15 months ago.

Also, a reliable on-chain indicator indicates that the Bitcoin (BTC) price floor may already be in. The share of Bitcoin (BTC) stock held by “paper hands” is very low right now.

Usually this means that another distribution wave is over: short-term holders are done selling. Usually this is interpreted as a macro bullish signal for the first cryptocurrency.

Bitcoin (BTC) is now changing hands for $39,090 on major spot trading platforms.

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