Skip to content

Riding the waves: Bitcoin whales navigate volatility with strategic accumulation

Riding the waves: Bitcoin whales navigate volatility with strategic accumulation

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 sharks and whales’ accumulation. Source: Santiment

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.

Bitcoin 7-day price chart. Source: Finbold

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.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.