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According to new data from the market intelligence platform IntoTheBlock, crypto whales have accumulated over $10 billion worth of Bitcoin (BTC) 
$104,002 in the last six months.
Market Fluctuations Do Not Affect
According to IntoTheBlock’s new report, investors holding between 100 and 1,000 Bitcoins have accumulated tens of thousands of BTC in the past few months. These investors seem unaffected by the market’s downward trend.
“Addresses holding between 100 and 1,000 BTC have continued to accumulate steadily over the past few months, unaffected by the market. These addresses now control 20.3% of the circulating supply, equivalent to 4.01 million BTC, up from 3.82 million BTC six months ago, reflecting a 5% increase.”
IntoTheBlock’s data shows that large Bitcoin holders have added 190,000 BTC in just six months.
Short-Term Investors May Create Selling Pressure
However, the crypto analysis firm warns that short-term holders who hold BTC for less than 155 days may create selling pressure. These short-term investors may face unrealized losses at current price levels, and intense selling pressure could be triggered if the market experiences another downturn.
“Most recent Bitcoin investors are facing unrealized losses, which could create heavy selling pressure if the market sees another decline. While 78% of all Bitcoin addresses are in profit, short-term buyers who purchased BTC at current price levels may face significant market pressure. These addresses belong to individuals who bought Bitcoin in the price range of $47,000 to $64,000, and currently, only 27.6% of them are in profit.”
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $55,084, with an increase of over 1% in the last 24 hours.
The behavior of large investors in the Bitcoin market reflects their confidence in long-term prospects. While these large investors continue to accumulate without being affected by price fluctuations, the potential selling pressure from short-term investors could increase market volatility. Overall, while a significant portion of BTC holders are in profit, new investors at current price levels may face more risk. This situation underscores the importance of careful and strategic movement in the Bitcoin market.
