The post Large Whales Accumulate Bitcoin Amid Price Drop appeared on BitcoinEthereumNews.com.

New whales aggressively accumulate Bitcoin, while old whales slightly reduce their holdings. This behavior suggests a mix of bullish sentiment among new market entrants and strategic repositioning among long-term holders. Large holders also show strong accumulation, supporting Bitcoin’s mid-term prospects. New Whales Accumulating BTC The supply held by new whales, defined as addresses holding more than 1,000 BTC and with an average detention time of less than six months, has seen a substantial increase. The total supply for this cohort rose from approximately 1,577,544 BTC to 1,784,327 BTC, an increase of 206,783 BTC. Moreover, the realized capitalization for new whales showed a consistent upward trend, increasing from approximately $98.44 billion to $113.12 billion, indicating a rise of $14.68 billion. Read More: Bitcoin Halving History: Everything You Need To Know Short-Term Whales Supply & Realized Cap. Source: CryptoQuant Bitcoin’s Realized Cap gives a snapshot of its actual value by considering the price at which each Bitcoin was last transacted. Unlike traditional market capitalization, which only looks at the current market price, Realized Cap goes deeper, reflecting the historical transaction prices on the blockchain. The aggressive accumulation of new whales often signals confidence in Bitcoin’s near-term potential. Therefore, their increasing presence and higher realized capitalization suggest that recent entrants to the market are optimistic about future price appreciation and are willing to buy BTC at higher prices. Old Whales Reducing Holdings In contrast, the supply held by old whales—addresses with more than 1,000 BTC and an average detention time exceeding six months—decreased slightly. Their holdings dropped from about 3,621,388 BTC to 3,614,122 BTC, resulting in a reduction of 7,266 BTC. Meanwhile, the realized capitalization for old whales remained relatively stable, increasing slightly from around $72.62 billion to $73.56 billion. Marking a modest rise of $940 million. Long-Term Whales Supply & Realized Cap. Source:…

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Filed under: News - @ June 18, 2024 1:26 am