Bitcoin whales add 94.7K BTC amid market uncertainty in 6 weeks

Bitcoin (CRYPTO:BTC) whales have significantly increased their holdings, adding 94.7K BTC over the past six weeks.  

Despite the ongoing price consolidation and uncertainty that has unsettled many traders, major holders of Bitcoin, particularly those with between 100 and 1,000 BTC, have seized the opportunity to accumulate more of the cryptocurrency.  

According to Santiment, this surge in whale accumulation reflects a broader trend where large investors are strengthening their positions during market downturns.  

This activity contrasts with the behavior of retail and smaller investors who have been exiting the market due to recent price fluctuations.  

The current phase follows Bitcoin’s all-time high reached in March.  

During this peak, on-chain data from Glassnode indicated that Long-Term Holders (LTH) were largely reducing their holdings. 

However, in the past three months, there has been a notable reversal, with an additional 374,000 BTC moving into LTH status. 

This shift suggests that despite ongoing market uncertainty, there is a growing inclination among investors to hold rather than sell their Bitcoin.  

At present, Bitcoin is trading around $61,000, having gained 4% in the last 24 hours.  

Experts believe that major sell-offs might be over, although Bitcoin’s price could still face challenges in the short term.  

Matthew Sigel, VanEck’s head of digital assets research, noted that Bitcoin typically experiences difficulty in the months following a halving event.  

Given that the most recent halving occurred in April, the market might continue to experience headwinds as it adjusts to this historically challenging period.

At the time of reporting, the Bitcoin price was $59,295.31.