Bitcoin: Whales Continue to Accumulate Despite Fragile Macroeconomics

What are the whales up to? After hitting a new all-time high of $126,000 last October the price dropped to around $100,000 and now seems to be stuck at the $105,000 mark. Amid macroeconomic uncertainty, it appears that some market participants are not being demoralized, and indeed we are seeing Bitcoin whales continue to pile up.

Key points of this article:

• Bitcoin Whales Hoard 45,000 BTC Worth $4.6 Billion Despite Macroeconomic uncertainty
• Withdrawals into cold storage solutions have increased, indicating the attraction of institutional investors.

Whales Hoard Bitcoins… Thus, according to a recent analysis by Timothy Misir published in the trade press, whales — that is, addresses that have more than 1000 BTC – accumulated 45,000 BTC by last week . This is essential 4.6 billion dollars at the current exchange rate.

Meanwhile, Glassnode data points to magnification withdrawal of funds from stock exchanges in favor of cold storage solutions. This shows that institutional investors are the main drivers of further BTC accumulation. Is this a reason for celebration ? Not so fast.

While the crypto market is playing on our nerves, whales are using it to amass wealth.

… in a period characterized by unstable macroeconomics Since, although whales accumulate wealth macroeconomic the situation remains relative unstable . Although the United States has completed its historic termination of activity it paradoxically added even more uncertainty due to the persistent problem of unpublished economic data.

For his part, China, seems to also want to ease tensions in relations with USA but obviously this is not enough for revitalization market, which remains extremely uncertain. This is particularly evident in exchange-traded products, which continue to see greater outflows than inflows. For example, spot bitcoin ETFs recorded a net outflow in size on November 12 278 million dollars .

According to Glassnode analysts, BTC price finally stuck between two key levels : on the one hand, the level of $100,000, which represents psychological resistance and on the other hand, the level of $106,000, which represents a significant zone resistance .

Do whales have information that no one else has? Is it a long-term accumulation strategy that ignores short-term concerns? It’s hard to say, but as Kara keeps saying, our in-house Steady Lads trader , sometimes you have to cut costs and wait and see what happens . After all, we are not all whales.

Source: journalducoin.com