As bulls and bears continue to fight over the price trend for Bitcoin (BTC), the flagship decentralized finance (DeFi) asset has been recording increased ‘hodling’ behavior by its whales and sharks, but these users have nonetheless grown their holdings by a massive amount over the past two months.
Specifically, cryptocurrency wallets holding between 10 and 10,000 BTC were holding steady during the final days of May, but their coffers have still grown larger by 93,000 BTC during the last seven weeks, as per the data presented by crypto analytics platform Santiment on May 29.
Careful accumulation
According to the platform’s team, these accumulations have taken place after Bitcoin prices started to decline from their local top in mid-April, and, as of May 29, the percentage of BTC held by these users stood at 66.75%, compared to 66.40% around April 12.
At the same time, as the Bitcoin price has fluctuated between $26,000 and $30,000 over the past month, the BTC sharks and whales (the largest investors in the crypto market) have noticed the volatility trend and appeared “to be staying cautious.”
Bitcoin price analysis
Meanwhile, Bitcoin was at press time trading at the price of $27,821, which represents a decline of 0.28% on the day and a 1.78% gain across the past week, while it has recorded a 4.99% drop over the previous month, as the charts demonstrate.
Notably, the maiden cryptocurrency has recently neared the ‘hope’ stage in the psychology of a market cycle, which indicates a widespread belief by the investors that ‘recovery is possible’ and preceded the ‘optimism’ stage in which ‘this rally is real,’ as observed by crypto trading expert Ali Martinez on May 29.
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