Bitcoin Whales Reduce Holdings as BTC Price Consolidates Near All-Time High
Bitcoin is currently trading between $107,000 and $109,000, near its all-time high. On-chain data indicates a shift in sentiment among large holders (whales).
- Glassnode's Accumulation Trend Score for the largest holders has dropped to 0.4, suggesting reduced buying activity.
- Whales began accumulating at market lows around $75,000 but are now reducing their holdings while smaller wallets continue to accumulate.
- This change may indicate profit-taking or a cautious view on short-term price direction.
- Exchange-flow data shows that whales had been withdrawing BTC, signaling they were not looking to sell.
- However, in two of the last three days, whales have deposited BTC back onto exchanges, hinting at potential selling activity.
This behavior raises questions about whether whales expect a local top in Bitcoin prices.
