Bitcoin whales, defined as addresses that hold between 1,000 to 10,000 BTC ($31 million to $310 million) are now increasing their holdings according to blockchain analytics.
While bitcoin’s price was rising to $30,000, bitcoin whales were holding or accumulating says an analysis by Ecoinometrics.
After $30,000 however, they began selling all the way to $64,000 as shown above and kept selling down to $30,000 again.
But now they’ve stopped selling and have began increasing their holdings for the first time in five months.
Those holding 10 to 100 BTC have also stabilized and have slightly increased their holdings after they began selling from the mid-$20,000s onwards.
Those holding 100 to 1,000 BTC were accumulating all the way from $30,000 to $60,000, buying the whale coins and that of sharks.
They then held steady and even slightly increased their holdings during the drop, with small fish – those that have less than one bitcoin – also buying all the way to the top.
Whales have the most in bitcoin, valued at $165 billion, followed by 10 – 100 bitcoin holders with $135 billion. In combination they hold about half of bitcoin’s market cap.
Their turn towards selling therefore after $25,000 and $30,000 would have had an effect on bitcoin’s price due to increased market supply.
That was bought up by the third biggest category, 100 to 1000 addresses, which kept buying beyond $30,000 all the way until the correction.
Now all three categories are either holding or accumulating, with bitcoin’s price reaching some stability just above the previous 2017 all time high when accounting for inflation.