Bitcoin Whales Accumulating Despite Price Drop: Long-Term Holders Unfazed

• Bitcoin whales have been accumulating BTC despite the crypto king’s weak price action over the last few months.
• Analytic firms Santiment and Glassnode are keeping a close eye on the activities of long-term Bitcoin holders, noting that long-term BTC holders remain unfazed amid the current market downturn.
• At time of writing, Bitcoin is trading for $25,974.

Bitcoin Whales Accumulating Despite Price Drop

A leading analytics firm says that Bitcoin (BTC) whales are in heavy accumulation mode despite the crypto king’s weak price action over the last few months. Santiment says that Bitcoin whales have been adding nearly $26 million in BTC per day since April 9th when the crypto king traded close to $28,000. According to the analytics firm, the whale accumulation suggests that a Bitcoin bounce is on the horizon.

Long-Term Holders Remain Unfazed

Fellow analytics firm Glassnode is keeping a close eye on the activities of long-term Bitcoin holders. According to Glassnode, long-term BTC holders remain unfazed amid the current market downturn as percentage of supply sent to exchanges remains extremely quiet at 0.004%. This highlights their indifference to recent regulatory news and charges.

Short-Term Holders Account for Majority Deposits

Glassnode is also monitoring exchange deposit volumes to identify which investor cohort may be unloading their Bitcoin stacks in light of market turbulence. Short-term holders account for 76.4% of deposit volume while long-term holderes only make up 1.9%, according to Glassnode’s data analysis..

Current Price Action

At time of writing, Bitcoin is trading for $25,974 – far below its peak value in April 2021 when it traded close to $28k USD per coin.

Conclusion
Analytics firms Santiment and Glassnode have released evidence which suggests that despite current market conditions and falling prices, whales continue to accumulate more bitcoin and long term holders remain unfazed by recent regulatory news and charges – suggesting confidence in bitcoin’s future potential as an asset class.