Key facts:
- The largest whales in the market have been accumulating bitcoin intensively for a month.
- Addresses with less than 1,000 bitcoins have been generating selling pressure for the past 2 weeks.
Currently, an opposite behavior is taking place between investors who have more bitcoins (BTC) and those who have less.
Precisely the addresses that have more than 10,000 bitcoins (BTC) have been acquiring more intensely for a month, according to explorer Glassnode. These players are known as the “biggest whales in the market”.
Meanwhile, addresses holding less than 1,000 bitcoins have been mounting selling pressure for nearly two weeks, according to the explorer. So it can be seen colored dark red in the chart below while the largest whales on the market remain blue, reflecting their level of accumulation.
A score closer to 1 (blue) reflects that, over the last month, a large part of the participants have been accumulating coins. On the other hand, a score closer to 0 (red) indicates that, during the last month, a large part of the participants have not been accumulating coins or that they have been selling them.
The low demand from smaller investors partly reflects why the price of the cryptocurrency does not show great strength to rise. BTC touched USD 31,000 four weeks ago, its highest price in 10 months, and since then it has been making lower and lower highs.
At the time of this writing, bitcoin is trading at $27,700. And according to analysts reported by Market Times, it is possible that the price will deflate up to USD 25,000 if demand does not increase.
