Bitcoin (BTC) large- and small-sized holders have chosen different strategies as Bitcoin (BTC) struggles to defend crucial $39,000 level
Bitcoin (BTC), the largest cryptocurrency, is down more than 8% from its recent local high above $42,500. However, that is not stopping the optimism of smaller holders, according to on-chain data.
Bitcoin (BTC) wallets with less than 1 BTC are buying; whales remain cautious
According to charts provided by Ecoinometrics, on-chain analytical platform, there are two clear accumulation/distribution patterns in the Bitcoin (BTC) community right now.
The first is demonstrated by accounts with balances of 1 BTC and less. They have been accumulating Bitcoins (BTC) since the beginning of the third quarter of 2021: in total, they have increased their balances by almost 10%.
This process lost steam only once, when Bitcoin (BTC) touched its latest historic high over $69,000 in November 2021.
In contrast, the biggest whales in the Bitcoin (BTC) network, which each hold 1,000 to 10,000 BTC, are not so enthusiastic. For 30 days, the biggest Bitcoiners have been distributing their bags.
Is the bottom in for Bitcoin (BTC)?
Top-tier whales were accumulating in Q4, 2020, and Q2-Q3, 2021. As such, their net balance is almost the same as it was 15 months ago.
Also, a reliable indicator on the chain signals that the low price of Bitcoin (BTC) may have already been reached. The share of Bitcoin (BTC) supply held by “paper hands” is currently very small.
Typically, this means that another distribution wave is over: short-term holders are done selling. Usually, this is interpreed as a macro-bullish signal for the first cryptocurrency.
Bitcoin (BTC) is now changing hands at $39,090 on major spot trading platforms.
