Bitcoin whales buy 66,700 BTC while small holders sell

Large Bitcoin holders are stacking up significantly, while smaller groups are selling en masse. According to new data from CryptoQuant, the so-called whales are accumulating more than 66,700 BTC, at a time when mid-tier holders are showing their strongest distribution wave ever. The Bitcoin price currently stands at $64.100, a decline of 1.0% over the past 24 hours.

Bitcoin is available at OKX and Bybit.

Large holders buy, small holders sell

A chart from CryptoQuant analyst Amr Taha reveals a clear divide in the market. Holders with between 100 and 1,000 BTC are showing the strongest distribution seen in some time. At the same time, the largest players, with more than 10,000 BTC in their possession, are opting for aggressive accumulation. This pattern of opposing behaviour between different groups is striking and raises questions about the direction of the Bitcoin market in the short term.

Taha states that sustained accumulation by large holders can reduce the available supply on the market, especially when it coincides with periods of aggressive distribution by smaller groups. In other words, the demand from whales absorbs part of the supply coming onto the market from smaller sellers, which can somewhat limit the downward pressure.

What does this mean for the Bitcoin price?

The situation paints a picture of a market that is internally divided. Where smaller and medium-sized holders are taking profits or reducing positions, the largest players see this as a buying opportunity. This type of behaviour is often seen in phases of uncertainty or consolidation, where strong hands profit from the pressure that sellers exert on the price. Earlier, approximately 50% of the Bitcoin supply changed hands above $59.000, indicating an active reshuffling of ownership among market participants.

Whether the accumulation by large holders is enough to offset the selling pressure remains to be seen. The full analysis by Amr Taha can be read at CryptoQuant. Analysts who follow the price over the longer term are, by the way, still positive about Bitcoin, with price targets of up to $160.000 or more.