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- Whales have collected over 22,000 BTCs in the past week.
- BTC traded around 42,400, with a slight recovery.
Bitcoin [BTC] whales have reacted with mixed feelings to the recent price swings. Despite an overall increase in whale addresses, the latest exchange flow presents a contrasting story.
Bitcoin whales continue to accumulate
According to a recent InTheBlok post, Bitcoin whales have amassed over 22,000 BTC in the past week. The increased accumulation occurred despite the recent decline in the price of BTC.
However, closer analysis of whale accumulation showed a more nuanced picture. An analysis of the distribution of BTC supply on Santiment showed fluctuations in addresses holding 1-10,000 BTC.
The change suggested sell-offs at these addresses at certain points during the week.
Source: Santiment
On December 14, the chart showed about 1,932 addresses, but at the time of writing that number had dropped to about 1,928.
Despite this slight decrease, the total supply at these addresses has increased. At the same time as the month before, approximately 1,896 addresses were registered.
Despite the accumulation, more and more Bitcoin is coming onto the stock exchange
Based on an analysis of CryptoQuant’s Bitcoin exchange flow, there has been an increase in inflows recently.
The chart showed consistently positive exchange rate flows since December 5, with the exception of December 14. This positive flow suggests increased movement of BTC across exchanges, meaning increased selling activity.
This is consistent with the observed fluctuations in accumulation patterns within whale addresses.
Source: CryptoQuant
The increased inflows have contributed to the lack of impact on price developments, despite continued accumulation. At the time of writing this, the net exchange flow was approximately 805 BTC.
BTC sees a slight recovery
Analysis of Bitcoin’s daily timeframe chart showed that there had been a more significant decline in value compared to gains over the past week.
On December 15, the chart showed a decline of over 2.5%, with BTC trading around $41,450.
However, there has been a recent recovery attempt and at the time of writing it was trading around $42,240, reflecting a modest increase of less than 1%.
Source: TradingView
Despite a bearish reversal in the Moving Average Convergence Divergence (MACD), overall sentiment remained bullish.
Read Bitcoin (BTC) Price Prediction 2023-24
The Relative Strength Index (RSI) was slightly below 60, indicating a decline in the bull trend, but the overall trend remains bullish.
The accumulation of whales may be part of a long-term strategy, indicating anticipation of an imminent price increase.