The price of bitcoin has dropped ten percent since April 9. But in that same time, whales holding between 100 and 10,000 BTC have accumulated an additional 57,578 BTC, analysis by Santiment reveals.

This divergence between the price of bitcoin and whale accumulation runs counter to previously observed trends. In the past, heightened whale accumulation has often coincided with bull runs or following a market low.

Whale Accumulation Watchers Anticipate BTC Price Rebound

Bitcoin whales are closely watched by market analysts and their behavioral patterns are often incorporated in price predictions.

But the current trend for the largest holders fattening up their wallets when the price of bitcoin is trending down doesn’t fit with previously observed patterns. Instead of buying while BTC is on the way up, since mid-April when Bitcoin hit its year-to-date high, whales have been stockpiling.

Have these wallets bought at the top for the first time? Or is the current downtrend only the precursor to an even more dramatic upswing? 

Of course, if the rate of whale accumulation continues to rise

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Author: James Morales

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