Bitcoin ($BTC) whales are “aggressively accumulating” while smaller holders are liquidating their holdings

Bitcoin ($BTC) has seen a clear accumulation trend over the past six weeks, primarily from non-exchange holders of the currency who have sizable holdings, i.e. Bitcoin whales with more than 10,000 BTC in their wallets.

According to cryptocurrency analytics firm Glassnode, unlisted bitcoin whales holding more than $265 million in the flagship cryptocurrency have accumulated “aggressively,” in stark contrast to smaller holders who dumped their bitcoin holdings over the same period , which has caused a significant forking in the Bitcoin Accumulation Trend Score.

An interesting dichotomy in the #Bitcoin Accumulation Trend Score remains as the largest whales (>10,000 BTC) continue to accumulate aggressively while all other large cohorts experience heavy distribution. pic.twitter.com/1EMjz6yRHJ

— glassnode (@glassnode) June 3, 2023

The company also noted that in terms of stock markets, key asset inflows are currently at near historic lows and should be at a relatively calm $1.84 billion. That’s a staggering 85% less than the peak inflow during the May 2021 sell-off, which was largely driven by capitulation and exit liquidity events

A close examination of total bitcoin holdings on the three largest cryptocurrency exchanges — Binance, Bitfinex, and Coinbase — over the past three years revealed a notable shift.

Binance and Bitfinex saw their Bitcoin reserves increase by 421,000 BTC and 250,000 BTC respectively, while Coinbase’s holdings fell by 558,000 BTC. According to Glassnode, Binance currently holds 703,000 BTC, Bitfinex controls 320,000 BTC, and Coinbase owns 462,000 BTC.

Assessing the total amount of #Bitcoin held on the top 3 exchanges over the past three years, we see strong growth for Binance and Bitfinex, with increases of +421,000 and +250,000 BTC respectively, while Coinbase around -558,000 BTC has declined.

🟡 Binance: 703,000 BTC (+421,000 BTC)
🔵… pic.twitter.com/WD6J7Qh86P

— glassnode (@glassnode) June 4, 2023

This report comes against a turbulent backdrop in the cryptocurrency world. Digital assets saw a sharp decline after it was announced that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against Binance and its CEO Changpeng Zhao, as well as Coinbase.

As CryptoGlobe reported, shortly after the announcement of the SEC’s lawsuit against Binance, some cryptowhales started buying on dips. Recently, SEC Chairman Gary Gensler said on live television that he believes digital currencies are no longer needed as digital forms of fiat currencies will suffice.

Recommended image via Pixabay.

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