Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC?

Analysts said that Bitcoin prices could drop slightly in the short term as whale accumulation reached a new record high.

Whale’s Bitcoin holdings have reached 670,000 BTC, the largest accumulation of the digital currency in history.

Impact Of Whale Accumulation

Crypto analysts said that one of the positive impacts of whales buying large volumes of Bitcoin is it helps stabilize the market. As a result, the crypto’s price could go down a little bit or become more stable.

Reducing the volume of Bitcoin in the market could possibly make prices less susceptible to volatility. In previous whale accumulations, it was observed that BTC price usually behaves in a specific way, in which on most occasions, BTC goes flat or slightly decreases.

This period of BTC accumulation could also signal that whales have no immediate intent to sell their digital assets. It might be an indicator that whales are looking at capitalizing on Bitcoin in the long term so the accumulation phase is a strategic move.

Real Indicator Of Bitcoin Growth

CryptoQuant said the whale accumulation could be seen as the ‘calm before the storm’ in the long term, saying that Bitcoin prices move sideways or experience a moderate fall during the accumulation phase. However, CryptoQuant noted that there is no doubt that in the long run, this is an ‘optimistic sign.’

Whales’ holdings are at an all-time high

“Whales currently hold around 670,000 $BTC, which is the highest value ever. Undoubtedly, this is an optimistic long-term sign.” – By @BaroVirtual

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