Insights

Defying the sell-off: Bitcoin whales accumulate amid massive market volatility

exchange68September 13, 2024

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Quick Take

Bitcoin is currently down 5% in the past five days, which has sparked massive volatility and a sell-off from short-term holders.
However, Bitcoin whales continue accumulating Bitcoin even as the prices continue to decrease.
The blue denotes accumulation, which can be seen with whales that hold 10,000 Bitcoin or more. At the same time, all other cohorts are selling or in a distribution phase.
Furthermore, supply per whale has increased to 535 Bitcoin — demonstrating the increase in whale accumulation—the highest supply per whale since the FTX crash in Q4 2022.

Accumulation Trend Score: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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