Defying the sell-off: Bitcoin whales accumulate amid massive market volatility

Quick Take

• Bitcoin is currently down 5% in the past five days, which has sparked massive volatility and a sell-off from short-term holders.
• However, Bitcoin whales continue accumulating Bitcoin even as the prices continue to decrease.
• The blue denotes accumulation, which can be seen with whales that hold 10,000 Bitcoin or more. At the same time, all other cohorts are selling or in a distribution phase.
• Furthermore, supply per whale has increased to 535 Bitcoin — demonstrating the increase in whale accumulation—the highest supply per whale since the FTX crash in Q4 2022.

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