On October 11, 2024, data from CryptoQuant revealed that Bitcoin whales have accumulated 1.5 million BTC over the past six months, indicating a significant trend in large-volume investments. This accumulation comes as Bitcoin's price dipped below $60,000 on October 10, prompting smaller investors to sell at a loss.
Notably, while whales (holding over 1,000 BTC) are increasing their positions, smaller whales (holding less than 1,000 BTC) have been offloading their assets. In the last 24 hours alone, 24.1K BTC were sold at a loss by short-term holders, who typically react quickly to price fluctuations.
CryptoQuant contributors suggest that the growing whale accumulation, particularly in the $54,000 to $68,000 price range, could signal a potential upward move in Bitcoin's price, either in the mid-term or long-term.
This trend underscores the contrasting behaviors between large and small investors in the current market, highlighting the ongoing volatility and strategic accumulation by major players.