The Dramatic Shift in Bitcoin Ownership Splitting the Market

Cryptoquant Analyst: Whales Keep Accumulating BTC even during market slump

While most analysts are signaling a bearish trend for the cryptocurrency market, some signs still show that demand for bitcoin is there and keeps growing.

Cryptoquant analyst Amr Taha noticed a divergence between ownership groups: large whales keep accumulating bitcoin while mid-tier owners continue to distribute their holdings.

Taha found that wallets holding between 1K and 10K BTC increased their 60-day net accumulation to 66,700 BTC, nearing levels reached on June 16. In contrast, mid-tier BTC holders, who own between 100 and 1K BTC, distributed 77,800 BTC, in what Taha labeled “one of the most aggressive selling periods visible in the current data.”

This accumulation process has been the strongest since February 17, when purchases by whales reached 106K BTC.

Taha linked this setup with a positive outcome for BTC in the future. When an opposite setup was registered, with whales distributing and mid-tier holders accumulating in April, Bitcoin experienced a downturn of -29%.

This could be because large holders are less likely to distribute and tend to hold BTC for much longer periods while sustaining sharp price decline periods more consistently than holders with less liquidity available.

“Historically, sustained accumulation by larger holders can reduce the amount of immediately available supply, particularly when it occurs during periods of aggressive distribution from smaller cohorts,” Taha explained.

Finally, Taha concluded that while this behavior does not confirm the next price direction, “the current transfer of supply toward larger wallets presents a potentially constructive medium-term signal for bitcoin.”

Nonetheless, Strategy, the largest corporate holder of bitcoin, did not announce any BTC purchases this week and instead chose to accumulate $263.5 million through stock sales, with speculation growing on how these resources will be allocated.