AssetsJun 09, 2023

Whales are hoarding Bitcoin intensively, reports Glassnode

Based on information from the Glassode platform, fat owners of the oldest cryptocurrency began to increase their exposure to BTC.

The largest Bitcoin crypto addresses, excluding cryptocurrency platforms, have accumulated BTC “intensively” over the past month and a half. This kind of observations was recently shared by experts from Glassnode. It is worth adding that basically all other groups of investors of the cryptocurrency king have been subjected to intensive distribution of Bitcoin coins during the same period of time.

Whales are intensively accumulating BTC coins

Cryptocurrency analysts from Glassnode recently shared information about an interesting dichotomy in the BTC accumulation trend. The whole point is that they noticed that the largest whales of the oldest of the cryptocurrencies, having at least 10,000 BTC coins in their balance sheet and not being exchanges, have been consistently accumulating this digital currency in recent months.

Interestingly, this situation looks completely different for all other major groups of investors of the oldest cryptocurrency. This is because these traders experienced a clearly visible "distribution".

In addition, it is worth noting that analysts of the cryptocurrency sector have become interested in another puzzling phenomenon when analyzing on-chain data. Specifically, the volume of BTC that is stored on some centralized trading platforms has increased significantly in the last 3 years. This is the case with platforms such as Binance and Bitfinex. The increase in Bitcoin storage during this period was respectively 421,000 BTC and 250,000 BTC.

An interesting fact is that at the same time, the amount of BTC that is stored on a competing platform - Coinbase decreased by 558 thousand BTC.

Fall in the prices of major digital currencies after attacks by the SEC

From the price data from the quotations of the largest cryptocurrencies, it is clear that in recent days both BTC and other most important projects in the industry have suffered an intense price weakening related to numerous attacks by the American financial regulator on the Binance and Coinbase cryptocurrency exchanges. The Securities and Exchange Commission (SEC) has decided to sue both platforms. In the prepared lawsuits, the SEC presented them with a number of allegations, including the sale of unregistered securities in the form of assets based on digital currencies.

Interestingly, representatives of both exchanges assured that they would defend themselves against "absurd" accusations that the SEC uses. It is worth adding here that in the daily range, a small but noticeable rebound appeared on the BTC chart. The exchange rate of the leading cryptocurrency increased by nearly 4% during this period. At the time of writing this text, the oldest digital currency is passing from hand to hand at a price of around USD 26.6 thousand, while yesterday its price was falling around USD 25.4 thousand.

Finally, it must not be lost sight that yesterday the digital currency market was ruled by fear, but now traders show neutral emotions, according to the fear and greed index regularly prepared by