It seems that whales are accumulating Bitcoin like there’s no tomorrow these days. They are doing this despite the fact that BTC’s price keeps surging these days.
According to the latest reports, new analysis from crypto intelligence company Glassnode is revealing massive whale activity amid Bitcoin’s meteoric ascent this year.
Whales accumulate Bitcoin
It’s been just reported that the on-chain analytics platform looks at Coinbase, which it labels as the preferred venue of US institutions to accumulate BTC.
According to Glassnode, whales started to heavily accumulate Bitcoin in December 2020 as BTC threatened to take out the previous all-time high of $20,000.
“We can see that in December 2020, the game changed. As BTC price approached the previous cycle ATH at $20,000 and market confidence grew, serious institutional accumulation commenced. This started with 37,400 BTC withdrawn in December,” according to official notes.
The same notes continue and reveal that “In the months that followed, an incredible stair-stepping ‘whale cost averaging’ pattern emerged, as tens of thousands of coins were accumulated each month. The consistency, frequency, and size of this balance change are astounding to see play out in on-chain data and really shows the aggressive accumulation by institutions this year.”
There’s a vital issue that has to be mentioned as well: Glassnode’s chart reveals that US institutions continue to be an immense force behind the current bull market as they take out thousands of BTC in spite of Bitcoin’s rising price.
“In the first three months of 2021, 170,800 BTC were withdrawn from Coinbase amid Bitcoin’s over 100% surge from $28,873 in January,” the notes say.
Bitcoin miners are holding more BTC than what they are selling
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $58,689.50.
US institutions are not the only big players who are accumulating Bitcoin. It’s been also revealed that Bitcoin miner net position has turned positive – this is showing the fact that miners are holding more Bitcoin than the amount they’re selling.
“Miners started really ramping up their positions…Another 4,380 Bitcoin stacked by miners yesterday. Looks like a trend, indeed.”