• Bitcoin whales have been accumulating coins during the underwhelming price performance of Bitcoin in recent months.
• Glassnode’s latest edition of “The Week On-Chain,” observed that the aggregate Whale balance has declined by approximately 255k BTC since May 30th.
• This trend represented the largest monthly balance decline in history, hitting -148k BTC/month and is primarily driven by short-term holders (STHs).
Bitcoin Whales Accumulating Coins
Bitcoin whales have been accumulating coins during the underwhelming price performance of Bitcoin in recent months. This trend continued even with new analysis suggesting a dramatic uptick in whale activity during this period.
Largest Monthly Balance Decline
Glassnode’s latest edition of “The Week On-Chain,” observed that the aggregate Whale balance has declined by approximately 255k BTC since May 30th. This trend represented the largest monthly balance decline in history, hitting -148k BTC/month.
Short Term Holders Responsible for Activity
Isolating for coins flowing between Whale entities and exchanges, it was found that this trend is primarily driven by short-term holders (STHs). These investors hold assets for a maximum of 155 days and have become increasingly common. It has also become evident that these newer investors are trading in local market conditions.
Significant Shifts Within Bitcoin Whales
There are noteworthy shifts happening within the Bitcoin Whale cohort as evidenced by their activity throughout 2023. The Whale activity throughout 2023 has been primarily driven by short-term holders (STHs) and their accumulation of coins despite underwhelming market conditions.
Conclusion
This analysis from Glassnode suggests significant shifts within Bitcoin whale activity and showcases how they are adapting to current market conditions through their accumulation of coins over time.