- Whales have accumulated over 22,000 BTC in the past week.
- BTC was trading at around 42,400, with a slight recovery.
Bitcoin [BTC] Whales have reacted to the recent price fluctuations with mixed sentiment. Despite an overall increase in whale addresses, the recent exchange flow offers a contrasting narrative.
The number of Bitcoin whales continues to increase
According to a recent IntoTheBlock post, Bitcoin whales have accumulated over 22,000 BTC in the past week. The increased accumulation came despite the recent decline in BTC price.
However, a more detailed analysis of the whale assemblage revealed a more nuanced picture. An analysis of the BTC supply distribution on Santiment showed fluctuations in addresses with 1-10,000 BTC.
The change suggested that these addresses would see sell-offs at certain points throughout the week.
Source: Santiment
On December 14th, the chart showed around 1,932 addresses, but at the time of writing this number had dropped to around 1,928.
Despite this slight decline, the total supply of these addresses has increased. At the same time as the previous month, around 1,896 addresses were recorded.
Despite the accumulation, more and more Bitcoins are making their way onto exchanges
Based on an analysis of Bitcoin exchange flow by CryptoQuant, there has been a recent increase in inflows.
The chart showed a consistently positive exchange rate flow since December 5th, with the exception of December 14th. This positive flow indicates increased movement of BTC to various exchanges, indicating increased selling activity.
This is consistent with the observed fluctuation in accumulation patterns within whale addresses.
Source: CryptoQuant
The increased inflow has helped keep price performance unaffected despite continued accumulation. At the time of writing, the exchange net flow was approximately 805 BTC.
BTC sees a slight recovery
Analysis of the daily Bitcoin time frame chart showed that there had been a more significant loss in value compared to the gains in the previous week.
On December 15, the chart showed a decline of over 2.5%, with BTC trading at around $41,450.
However, there has been a recent attempt at recovery and at the time of writing, it is trading at around $42,240, a modest increase of less than 1%.
Source: TradingView
Even though the Moving Average Convergence Divergence (MACD) showed a bearish trend, the overall sentiment remained optimistic.
Read Bitcoin (BTC) Price Prediction 2023-24
The Relative Strength Index (RSI) was slightly below 60, indicating a decline in the uptrend, but the overall trend remains bullish.
The accumulation of whales could be part of a long-term strategy, suggesting the expectation of an impending price rise.
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