With the recent drastic fluctuations in the bitcoin market, especially the sharp decline yesterday, some large investors on the blockchain—known as 'whales'—have stepped in again, actively increasing their bitcoin holdings. These whales do not refer to a single wallet address but are aggregated into a single entity through Glassnode's analysis of a group of associated wallets. From the data, this increase in whale holdings is clearly larger in scale than the previous few days' accumulation.
According to data analysis, from November 4th to November 20th, the group holding fewer bitcoins—especially wallet addresses holding between 10 to 100 BTC—significantly reduced their holdings by approximately 24,911 BTC, demonstrating these smaller-scale investors' caution and risk control awareness towards the market.
Meanwhile, large whales holding between 10,000 and 100,000 BTC exhibit a starkly different operational pattern. Data shows that these super whales have collectively increased their holdings by 68,030 BTC in the past few weeks, indicating that they find the current Bitcoin price attractive. Historical data shows that while these whales have not always accurately grasped the market's bottoms and tops, they typically seize opportunities when the market experiences a pullback, maintaining good returns in the long term.
Since July 2024, the number of holdings of these super whales has fluctuated. Starting from mid-last year, their reduction in holdings was evident, and it wasn't until mid-October this year, when the Bitcoin price fell below $106,000, that they began to increase their holdings again. This indicates that these large investors are relatively optimistic about the current price, and they may believe that Bitcoin is nearing its price bottom.
Overall, the accumulation behavior of whales does not mean that the market will immediately rebound in the short term. However, in the long run, whales tend to heavily allocate resources at market bottom areas, driving prices up.#比特币走势分析
