Bitcoin Whales Have Amassed $90,000,000,000 in BTC Since May

Bitcoin whales procure more than $90 billion worth of BTC tokens over a six-month period despite the range-bound movements in the market.

This is according to a disclosure today from CryptoQuant author Axel Adler Jr. The analyst confirmed that since May 2024, Bitcoin whales, investors holding over 1,000 BTC, have dramatically increased their holdings. 

Bitcoin Whales Amass $90B

Within the past six months, they accumulated about 1.5 million BTC. This amount represents a massive inflow of capital into Bitcoin, totaling around $90 billion based on an average price of $60,000. However, these tokens came from weaker hands who have been selling at losses.

Data from an accompanying chart confirms that these figures suggest a sharp rise in whale activity, as the whales in question initially held only 335,000 BTC in early May. Within this period, Bitcoin traded between $60,000 and $65,000. 

Despite prices largely staying within this range, whales have continued to increase their holdings steadily. Now, six months later, these large holders possess around 1.9 million BTC, indicating confidence among high-net-worth investors despite Bitcoin’s recent price fluctuations.

Recent data suggests that the accumulation spree hasn’t cooled despite recent price corrections, as indicated by the Large Holders Netflow metric from IntoTheBlock. For instance, yesterday, BTC collapsed below $59K for the first time this month, leading to massive liquidations.

However, the Large Holders Netflow, which tracks the netflow of BTC among those holding 0.1% of the circulating supply, shows that even during this drop, large holders had a net positive inflow of 629 BTC yesterday. Two days earlier, this figure was higher, with large holders acquiring 2,480 BTC.

Exchange Reserve Drops Despite Market Indecisiveness

Also, data from CryptoQuant shows that Bitcoin’s exchange reserve has collapsed from 2.576 million tokens at the start of October to the current figure of 2.571 million tokens despite a recent rise. This further confirms the accumulation trend.

At press time, Bitcoin currently trades at $61,690, down 1.68% for the week. The Directional Movement Index (DMI) shows that the positive directional indicator (+DI) is at 18.3, while the negative directional indicator (-DI) is slightly higher at 23.3 but moving downward. 

This indicates that while bearish sentiment remains dominant, selling pressure may be weakening. The Average Directional Index (ADX), which stands at 21.6, is also trending downward, suggesting a lack of strong momentum.

Additionally, the Williams %R is currently at -40.74. This level indicates that Bitcoin is in a neutral position. In other words, the market remains indecisive, and Bitcoin could remain in its current trading range for a while longer unless significant buying or selling pressure emerges.

Veteran analyst Peter Brandt recently commented on Bitcoin’s potential price trajectory, predicting that it could rise as high as $150,000 during this cycle. 

However, he also recently cautioned that if Bitcoin continues trading in its current range without a decisive upward move, a major collapse could follow. In Brandt’s view, a prolonged period of range-bound trading may lead to a 75% price drop.