Whales buy 1.5 million Bitcoin?!

The Bitcoin price is going down a bit, but the whales are not worried about that. They are clearly in accumulation mode and bought 1.5 million Bitcoin over the last six months.

Bitcoin whales are bullish

It seems Bitcoin whales are wasting no time in increasing their exposure to the digital currency. Since the all-time high of March 2024, they have bought huge amounts of Bitcoin from the market.

Axel Adler, analyst at CryptoQuant, analyzed the capital flows and concluded that the wallets do not belong to miners or centralized exchange platforms. “1.5 million worth of Bitcoin has been bought by whales with at least 1,000 Bitcoin over the past six months,” said Axel Adler.

“There’s not much to discuss here,” the analyst commented on the chart.

However, he does admit that smaller whales, who own less than 1,000 Bitcoin, were net sellers over the same period. Other smaller investors also sold their Bitcoin at a loss during the same period.

Bitcoin tourists are making a loss

Axel Adler’s analysis shows that the so-called Bitcoin tourists in particular are making a loss on their investments. These are people who are getting back in for the first time or after a long time during an explosive price rise. In this case around the all-time high of March 2024.

In professional jargon, such investors are called investors short-term holdersand according to Axel Adler, they sold their Bitcoin at a loss on the stock exchanges.

Based on the chart above, Axel Adler says: “Over the last 24 hours, 24,100 Bitcoin were sold at a loss.” According to him, those Bitcoins were eaten by large whales.

After all, there is always a buyer on the other side of a sales transaction. Someone who is interested in investing in Bitcoin at current prices.

According to DarkFost, a colleague of Axel Adler at CryptoQuant, many new whales have also entered. “New whales enter the arena and accumulate strongly, while existing whales also expand their positions.”