A notable shift in Bitcoin accumulation patterns has been observed among Bitcoin ‘whales’—entities holding 10,000 or more Bitcoin. For the first time since June, when Bitcoin was valued at $25,000, this cohort has shifted from distribution to accumulation.
This change in behaviour is significant as these high-level holders, often referred to as the ‘smart money,’ have been in distribution mode, capitalizing on profits as Bitcoin’s value increased towards $30,000 over July and August.
This behavior exhibits an intriguing divergence from the rest of the market. Unlike the whales, all other cohorts continue to be in distribution mode. Historically, these whales have demonstrated a pattern of accumulation before other market participants, suggesting this shift could be interpreted as a potential signal of a local market bottom.
While it is crucial to monitor further developments, this presents a fascinating twist in the ongoing Bitcoin narrative, underscoring the need for continued vigilance in this volatile market.
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