Bitcoin whales with small and medium-sized wallets continue to hodl and accumulate BTC despite yet another decline

The weekend continued to bring unfavorable developments for Bitcoin price as it dropped to a six-day low of $35,000. The situation with altcoins is similar, as ETH dumped to $2,200 and BNB below $340. Moreover, $100 billion dollars disappeared from the crypto market cap in just one day. The good news, though, is that some recent analytical data shows that Bitcoin whales are continuing to accumulate BTC despite the drop.

Bitcoin whales with small and medium-sized wallets continue to accumulate BTC despite yet another decline

After dropping to $37,000, the bears continued to pressurize and kept BTC in the $35,000 region. This has become BTC’s lowest price line since last week and reaffirms the narrative that it hasn’t performed well in recent weekends.

Also according to Glassnode’s analysis, the BTC number of exchange deposits just reached a 7-month low of 2,148,982.

Even so, this reduction is also a good opportunity. According to an analysis from Santiment, despite Bitcoin’s drop, Bitcoin whales are still buying, taking advantage of the price drop.

Bitcoin whales with medium-sized wallets are crypto addresses holding a minimum of 1,000 BTC. Also, small-sized wallets refer to mid-tier holders whose wallets hold between 10 and 1,000 BTC. They all keep adding Bitcoin to their positions. Though, As for wallets with smaller Bitcoin holdings, their number is dropping fast.

Despite recovering several hundred dollars since the intraday low, BTC’s market capitalization has dumped below $700 billion, while its dominance stands just beneath 45%.

You can see the Bitcoin price here.

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