As Bitcoin continues to experience fluctuations near its weekly and daily lows, significant activity from major holders is emerging.
Recent reports indicate that large Bitcoin holders are steadily increasing their positions. This starkly contrasts the behavior of smaller traders who are exiting the market due to uncertainty.
Recent Whale Activity in the Bitcoin Market
A recent report from Lookonchain highlights a series of substantial Bitcoin acquisitions by a notable whale. Just four days after purchasing another stash, worth over $50 million, this whale added another 1,000 BTC to their holdings.
The Bitcoins, acquired through transactions from a Binance hot wallet, brought the whale’s total holdings to 8,559 BTC, equivalent to about $493.18 million.
Prior, the same whale had purchased 1,000 BTC, valued at $59.65 million, from a market dip, raising their holdings to 7,559 BTC by August 29. Notably, between June 27 and July 8, the whale had sold 7,790 BTC, contributing to the market’s downward pressure during that period.
The sequence began with a sale of 481 BTC in June, as the price was already trending downward. This was followed by a larger sale of 1,200 BTC, adding to the market’s woes.
Subsequently, a sale of 1,800 BTC took place in July, deepening the bearish trend. Another sale of 1,700 BTC continued to push prices lower. The final sale of 809 BTC happened during a relatively stable phase.
However, these sales are now followed by notable acquisitions, potentially preparing for an uptrend.
ETH Whales Follow Suit
In parallel with Bitcoin, Ethereum whales are also making strategic moves amidst the market downturn. According to Lookonchain, two significant Ethereum holders recently withdrew stablecoins from Aave and purchased 7,767 ETH, valued at $19.22 million.
Specifically, one whale, identified as 0x761d, acquired 3,588 ETH at $2,455 per coin, while another, 0x0121, bought 4,180 ETH at $2,492. These transactions notably occurred within a day on September 1.
Potential Sources of Bitcoin Liquidation Loom
While whales continue to accumulate Bitcoin, the market faces potential selling pressure from various sources. Governments and entities like Mt. Gox remain significant holders of Bitcoin, and their actions could impact the market.
Notably, the U.S. government holds 203,239 BTC, valued at $12 billion, while the Chinese government controls 190,000 BTC, seized from the Plustoken scam.
Additionally, the ongoing redistribution of Bitcoin from Mt. Gox could introduce more supply into the market, adding to the existing volatility.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
