According to on-chain analytics firm Santiment, wallets holding between 10 and 10,000 BTC have collectively scooped up an additional 133,300 coins over the past month. This significant accumulation is occurring even as smaller traders continue to offload their holdings, impatiently selling into the hands of these larger players.
Major holders, often referred to as “whales” and “sharks,” are strategically capitalizing on the current market conditions by steadily increasing their Bitcoin holdings. This accumulation trend has resulted in wallets with 10-10,000 BTC now holding 66.6% of the Bitcoin supply.
At the time of writing, BTC was up 3.55% in the last 24 hours to $60,898. Additionally, Bitcoin reserves on exchanges have hit yearly lows, according to a recent analysis by CryptoQuant. This decrease in reserves may signal reduced selling pressure, favoring a bull market if demand continues to rise.
The outflow of Bitcoins to cold wallets suggests that investors are more interested in holding the asset for a longer period, anticipating future price increases. As Bitcoin becomes less available on exchanges, liquidity for instant sale decreases. This shift may lead to a more resilient market dominated by long-term holders, making it less prone to panic selling.
Analysis:
Major Bitcoin holders are accumulating more coins while smaller traders are selling off their holdings, indicating a strategic move to capitalize on market conditions. This accumulation trend has resulted in a significant portion of the Bitcoin supply being held by these major players. The decrease in Bitcoin reserves on exchanges may signal a shift towards a bull market, as investors seek greater control over their assets by holding them in cold storage. This shift to self-custody suggests a longer-term investment strategy, potentially leading to a more stable market with reduced panic selling tendencies.
