• Bitcoin whales have traded divergently as price oscillates within $28,000 to $32,000 ranges.
• Whales that held between 1,000 to 10,000 BTC increased their balance by about 33,800 BTC while whales with over 100,000 BTC increased their holdings by 6,600 BTC.
• Glassnode found periods of strong inverse correlations of -0.55 or less indicating instances of balance shifts between the two groups coinciding with the times when BTC’s price approached the $30,000 range.
Bitcoin Whales in a Predicament
As Bitcoin struggles to cross over the $30,000 price mark some whales have intensified accumulation while others have reduced their risk exposure. According to data from Glassnode’s new report different sub-groups of BTC whales exhibited varied behaviors as the coin’s price faced resistance at the $30,000 psychological price mark.
Whales Increasing Their Holdings
Whales that held between 1,000 to 10,000 BTC increased their balance by about 33,800 BTC and whales with over 100,000 BTC increased their holdings by 6,600 BTC. This period was marked by a “net reduction of just -8.7k BTC” according to Glassnode’s report.
Shifting Funds Between Entities
Glassnode tested its theory that whale entities might be moving funds amongst themselves on crypto exchanges and found periods of strong inverse correlations of -0.55 or less indicating instances of balance shifts between the two groups coinciding with the times when Bitcoin’s price approached the $30,000 range. This led them to conclude: “This suggests that whales have indeed exhibited a relatively neutral balance change of late.“
Checking Profitability With The Blockchain Profit Calculator
With Bitcoin’s MVRV ratio still in the profitable realm investors can use the blockchain profit calculator to ensure they are making green profits off these volatile markets.
Conclusion
As Bitcoin lingers within a narrow price range various cohorts of Bitcoin [BTC] whales are making distinct trading moves according to Glassnode’s new report; some sowing while others sleep in order take advantage or reduce risk exposure depending on market conditions and fluctuations in pricing for this digital asset class
