Last year, seasoned holders may have offloaded, but most recent data shows demand for BTC is not about to disappear. Whales are buying Bitcoin (BTC/USD) at prices near $30,000 as bidders begin to soak up liquidity from short-term sellers, CoinTelegraph reported.
According to data from on-chain monitoring resource CryptoQuant, Bitcoin exchanges have begun to shed their BTC reserves once more as of late December.
Exchanges seeing bigger overall outflow
Exchanges are now seeing more significant overall outflows compared to inflows after a period of traders sending BTC to exchanges, possibly to prevent further loss or sell.
Between Dec. 7 and Dec. 28, 2021, BTC reserves of the 21 major platforms monitored by CryptoQuant increased from 2.396 million to 2.428 million BTC.
The bearish trend resumed after that. On January 24, exchanges’ reserves stood at 2.366 million BTC notwithstanding spot price action sitting at six-month lows.
Older whales still sparking price trend reversals
Older whales can still provoke price trend reversals even though they have shown some impatience in recent years according to Ki Young Ju, CryptoQuant CEO. He said in a series of tweets, adding that institutions have probably been the main buyers since 2020:
It seems they have sold $BTC to new players at the tops or bottoms.
Whales buy the dip again
Evident on-chain demand from major investors coincides with this tendency in terms of exchange balances albeit being common knowledge. This week, Twitter account CC15Capital noted that multi-million-dollar BTC buy-ins from one wallet in particular run accompanied the run to $33,000.
This account has accumulated over $1 billion worth of BTC, starting with a balance of zero, since August last year.
Paradox: hodlers determined not to sell
The phenomenon plays out against the backdrop of firm resolve from long-term holders not to sell. Almost two-thirds of the overall BTC supply is comprised of assets that have not moved in over a year.
Whale accrual is apparent
Whale accrual has been apparent elsewhere after Bitcoin has receded from its all-time high in November last year, when it hit $69,000. At the beginning of this year, the third-largest Bitcoin address added 456 BTC at an average price of $46,363, equivalent to around $21 million, according to data from BitInfoCharts.
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