U.Today – Wallets holding between 10 and 10,000 BTC have collectively amassed an additional 133 over the past month, according to on-chain analytics firm Santiment.
This significant accumulation is occurring even as smaller investors continue to offload their assets, often impatiently selling them to larger players.
Santiment tweeted: “10-10k BTC wallets have collectively accumulated 133,300 more coins, while smaller traders are eagerly transferring their holdings to them.”
This accumulation trend highlights a strategic move by major holders, often referred to as “whales” and “sharks,” who are taking advantage of current market conditions. While smaller investors have been selling off their holdings, these major players have been steadily increasing their Bitcoin holdings.
Thanks to accumulation, this category of Bitcoin addresses, i.e. wallets with 10-10,000 BTC, currently hold 66.6% of the Bitcoin supply. At the time of writing, BTC is up 3.55% in the last 24 hours to $60,898.
Bitcoin reserves on exchanges hit lowest level of the year
Bitcoin reserves at exchanges have reached novel lows this year, according to a recent analysis by CryptoQuant. This decline could signal reduced selling pressure, favoring a bull run if demand continues to grow.
The decline in reserves can also be attributed to the rise in popularity of self-storage, where investors seek to gain more control over their assets by storing them in chilly storage facilities.
The outflow of Bitcoin to chilly wallets often suggests that investors are more interested in holding the asset for longer periods of time, waiting for future price increases.
The bottom line is that as Bitcoin availability on exchanges decreases, so does the liquidity for immediate selling. The dominance of long-term holders in the market could raise, leading to a more resilient market that is less prone to panic selling.
