The biggest Bitcoin whales are “aggressively” accumulating BTC, analytics firm Glassnode says — but there’s a catch
According to crypto analytics platform Glassnode, the top unlisted Bitcoin (BTC) whales have been “aggressively” accumulating the top digital assets over the past month and a half.
However, Glassnode also notes that all other magnitudes of unlisted BTC holders dumped their Bitcoin holdings during the same period.
“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.”
Source: Glassnode/Twitter
The analytics firm also says FX inflows into key assets are currently near cycle lows at an “extremely quiet” level of $1.84 billion.
Among the top three crypto exchanges, Glassnode notes that the total amount of bitcoin held on Binance and Bitfinex has increased by 421,000 BTC and 250,000 BTC respectively over the past three years, while holdings on Coinbase have declined by 558,000 BTC over the same period.
Binance now holds 703,000 Bitcoin, Coinbase holds 462,000 and Bitfinex holds 320,000.
Source: Glassnode/Twitter
Crypto assets tumbled on Monday after it was announced that the US Securities and Exchange Commission had filed a lawsuit against Binance and its CEO Changpeng Zhao. The regulator accuses the exchange of violating investor protection and securities laws.
At the time of writing, BTC is trading at $25,530. The highest-valued crypto asset by market cap is down more than 6% in the last 24 hours.
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