Fun

Bitcoin whales now add just 1% to their BTC holdings per month

News Feed - 2024-08-21 12:08:24

William Suberg8 hours agoBitcoin whales now add just 1% to their BTC holdings per monthBitcoin large-volume investors have slowed their BTC accumulation to a crawl versus the run-up to all-time highs earlier this year.3485 Total views13 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin needs more demand to hit a new all-time high, new research says, as whale accumulation slows to a crawl.


In its latest weekly report seen by Cointelegraph, onchain analytics firm CryptoQuant says that “most” demand metrics currently show weakness. Bitcoin whales ditch the FOMO


Bitcoin is still not a strong enough buy to attract the kind of investment that could send it to all-time highs.


According to CryptoQuant, larger BTC investors — equated to whales — have slashed the pace at which they accumulate coins since the most recent all-time high in March.


“The 30-day percentage change in whale holdings has decreased from 6% in February—the fastest pace since February 2019—to just 1% currently,” the report reveals.“Historically, a monthly growth rate of more than 3% in whale holdings has been associated with increasing Bitcoin prices, which is not the case at the moment.”Bitcoin whale holdings % monthly change (screenshot). Source: CryptoQuant


If whales are not providing the firepower needed for a BTC price breakout, the United States spot Bitcoin exchange-traded funds (ETFs) are currently an unreliable alternative.


Daily net inflows to the spot ETF products are just a fraction of their March tally, with last week’s daily average coming in at 1,300 BTC.


“A recovery in spot ETF purchases is essential to drive overall Bitcoin demand upward, potentially leading to a corresponding price rally,” CryptoQuant continues.US spot Bitcoin ETF change in BTC holdings (screenshot). Source: CryptoQuant


An exception to the “summer doldrums” the market is facing comes in the form of “permanent holders” — entities that only buy and never sell BTC. 


Contrary to whales, this cohort has had no qualms about upping BTC exposure.


“Despite slower overall Bitcoin demand growth, permanent holders have continued to accumulate Bitcoin at unprecedented levels,” the report notes.“The total balance of these holders is growing at a record-high monthly rate of 391K Bitcoin. Demand from permanent holders is increasing even faster than it did in Q1 2024, when the price of Bitcoin exceeded $70K.”Bitcoin permanent holder demand (screenshot). Source: CryptoQuantBTC speculators nurse unrealized losses


The cold feet among more speculative investors may be explained by recent price events.


Related: A return to $50K? 5 Things to know in Bitcoin this week


The trip to six-month lows at the start of August placed a large majority of recent buyers underwater, as Cointelegraph reported.


According to data from statistics resource BGeometrics, the cohort’s cost basis is still above the spot price at around $63,000.Bitcoin STH realized price chart. Source: BGeometrics


BTC/USD traded at around $59,000 at the time of writing on Aug. 20, per data from Cointelegraph Markets Pro and TradingView, undoing 2.5% overnight gains.BTC/USD 1-hour chart. Source: TradingView


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# WhaleAdd reaction

News Feed

Bitcoin price hits $64K as traders anticipate new all-time high before halving
Horus Hughes6 hours agoBitcoin price hits $64K as traders anticipate new all-time high before halvingBitcoin price continues its parabolic rally with a swift move to $64,000. Is a new all-time high the next stop?6627 Tot
AAVE Price To $360? Crypto Analyst Identifies Pattern For Bullish Breakout
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Croatian Post Launches Crypto Exchange Service at 55 Branches
Croatian Post Launches Crypto Exchange Service at 55 Branches Croatian Post, the biggest provider of postal services in the Republic of Croatia, is now offering a cryptocurrency
CEO of MTI Bitcoin Ponzi Scheme Flees South Africa in Possible Exit Scam – Funds Blocked
CEO of MTI Bitcoin Ponzi Scheme Flees South Africa in Possible Exit Scam – Funds Blocked In an unexpected turn of events, the management team at Mirror Trading
Future Of Bitcoin: Michael Saylor Envisions Market Cap Climbing To $200 Trillion
Este artículo también está disponible en español. In a recent interviewwith CNBC, Michael Saylor, co-founder of Strategy, reiterated his bullish outlook on Bitcoin (BTC),
PEPE Shows Strength With A Firm Grip Above This Key Support Zone
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through S
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior After cryptocurrency assets jumped in value this week, following the Federal Reserve’s rate hike on W
Amazon Is Working on Digital Currency Solutions— Pilot Project Set to Launch in Mexico
Amazon Is Working on Digital Currency Solutions— Pilot Project Set to Launch in Mexico The e-commerce giant is preparing to explore the crypto business, as a r
Report: South Korean Prosecutors Raid Home of Terraform Labs Co-Founder
Report: South Korean Prosecutors Raid Home of Terraform Labs Co-Founder A team of South Korean prosecutors recently raided the home of Terraform Labs co-founder Shin Hyun-seong. Du
The Many Facts Pointing to Cypherpunk Len Sassaman Being Satoshi Nakamoto
The Many Facts Pointing to Cypherpunk Len Sassaman Being Satoshi Nakamoto Satoshi Nakamoto, the creator of Bitcoin, has always been a mysterious character and a
New High For TRON, But Bearish Signals Cast Shadows On The Rally
Este artículo también está disponible en español. The price of TRON (TRX) has been on an impressive run of late and established a double-top technical formation. Technica