😲 Bitcoin Shakeup: Whales Sell, Retail Buys, and Strategy Strikes Again!

by

👀 Hold onto your bitcoins, folks! A whopping 14,000 BTC, dormant for 7 to 10 years, suddenly woke up on February 10th. But don’t worry, they didn’t go to any exchanges, so a massive sell-off is probably not happening.

📈 Previous times this happened didn’t always lead to a drop in Bitcoin’s value, according to CryptoQuant’s analysis. Plus, the average cost of these bitcoins is pretty low, which might affect the holders’ future decisions about selling, as noted by the on-chain crypto analytic platform.

💰 At the time of writing, Bitcoin is trading at nearly $97,500, showing a slight increase over the past day.

🐳 Bitcoin Holder Activity

🔍 Glassnode recently observed that retail Bitcoin investors, holding 1 BTC or less, have significantly increased their accumulation rate since mid-December. This group has been buying an average of 10,627 BTC per day, which is a 72% acceleration compared to last year’s daily average of 6,177 BTC.

🐳 On the other hand, large-scale holders, or whales (owning over 1,000 BTC), have been offloading their holdings at a rapid pace since November 24, sending an average of 32,509 BTC per day to exchanges. This is a 9x increase in potential sell-side pressure compared to the yearly average.

😮 This shift highlights a divergence in market behavior, as retail investors are accumulating aggressively while whales continue to distribute. Interestingly, retail investors had previously sold into market strength when Bitcoin surpassed $100,000 in November. The ongoing trends suggest a redistribution of BTC from larger to smaller holders, which could impact the asset’s trajectory in the coming months.

🏦 Strategy Resumes Bitcoin Accumulation

🦈 Unlike whales, institutions have continued to amass the world’s largest cryptocurrency. For example, Strategy, formerly known as MicroStrategy, has restarted its Bitcoin accumulation after a brief pause.

🤑 Co-founder Michael Saylor announced the latest purchase of 7,633 BTC for $742.4 million at an average price of $97,255. This brings the company’s total holdings to 478,740 BTC, acquired for $31.1 billion. At the current prices, the firm now holds over $46.6 billion in BTC, securing a paper profit of more than $15 billion.

Read More

2025-02-10 19:19