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Bitcoin whales are currently selling their Coins massively
New Data shows Bitcoin Whales are Currently Selling their Coins Massively

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While the current market uncertainty is forcing whales to sell, so-called shrimps are seizing the opportunity to accumulate more Bitcoin.

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The Bitcoin (BTC) accumulation trend score is currently flashing to zero for whales. This means that you will no longer purchase any more coins, according to data from Glassnode.

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Bitcoin whales are selling their stocks (Source: Glassnode)

Glassnode has identified the accumulation trends for Bitcoin analyzed and recognized between April 2020 and August 2022: Whales have slowed down their Bitcoin accumulation this month because they are in the deep red range. This means that they are selling massively.

According to the available data, the Bitcoin price in August was mainly in the range between $ 20,000 and $ 25,000.

Research has revealed that whales have accumulated coins in four different time periods over the past two years. Bitcoin whales generally mean addresses with more than 1,000 BTCs, which are the main holders.

Bitcoin trading tool: the accumulation trend score

The accumulation trend score is used to determine who is currently buying cryptocurrencies. It is a tool for determining market sentiment, especially among various investors.

The score is based on two factors. On the one hand, the participation score of an entity, which indicates the total amount of tokens held by it. On the other hand, the change in the balance, which indicates the difference of your stocks over a certain period of time (usually a month).

The accumulation value ranges from 0 to 1. If it is closer to 0, it indicates the distribution of coins. A value close to 1, on the other hand, indicates the main owners within the network.

The accumulation of shrimp slows down

While the whales have stopped accumulating and have even sold their Bitcoin holdings, shrimps are also buying Bitcoin – slower, though.

Bitcoin: Shrimp Accumulation Slows down (Source: Glassnode)

According to the data, Bitcoin addresses have fluctuated between 2 million and 2.3 million addresses this year. However, there has been a steady decline since July.

Shrimps are holders who have less than 1 Bitcoin in their wallets. In July, on the other hand, the industry recorded the highest monthly accumulation of Bitcoin small holders since 2018: shrimps bought 60,000 BTC.

The difference in the reaction of the two groups to the same market conditions shows how they perceive the situation:

  • Wale has been forced by the current market uncertainty to sell its holdings – especially as US Federal Reserve Chairman Jerome Powell has promised further “pain” for the US economy.
  • Shrimps, on the other hand, consider it the ideal entry point, while Bitcoin he is struggling to break the $20,000 to $25,000 range.

Buy BTC at eToro Now

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