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Bitcoin Is Currently In An Accumulation Period, With Whales Owning More Than $280,000,000,000 In BTC

According to a popular on-chain expert, Bitcoin is in the midst of a massive accumulation phase, with major entities currently holding hundreds of billions of dollars in BTC. 

According to a well-known on-chain analyst, Bitcoin is currently through a massive accumulation phase, with major entities now holding hundreds of billions of dollars in BTC.

Exchange outflows have reached a level seen just three times in Bitcoin’s history: in March 2020, December 2020 (a large portion of which was likely GBTC), and September 2021.

Along with the large outflow of Bitcoin from digital asset exchanges, Clemente notes that whales are buying the market leader by market cap after unloading their BTC stacks for most of the year.

“This week has seen an uptick in whales holdings for the first time since January, showing an increase in supply held by entities with over 1,000 BTC (filtering out for known on-chain entities such as exchanges).”

According to Clemente’s chart, Bitcoin whales now control more than 6.95 million BTC worth more than $280.59 billion at the time of writing.

According to Clemente’s chart, Bitcoin whales now control more than 6.95 million BTC worth more than $280.59 billion at the time of writing.

“Another measure of holding behaviour is simply looking at the amount of supply last active a year ago; a simple but powerful metric. As of this week, an all-time high 63.7% of Bitcoin’s supply hasn’t moved in at least a year.”

Despite the fact that Bitcoin’s quantity is falling, Clemente believes the currency is currently in “no man’s land.” The analyst sees Bitcoin as a value investment in the low $30,000 level or as a momentum trade after BTC rises above $47,000.