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Whales are back to hoarding Bitcoin

26 Apr, 2023
Whales are back to hoarding Bitcoin

Bitcoin's skyrocketing 87% growth in 2023 has shifted holders from unrealised losses to unrealised profits.

Image source: glassnode.com

The exit from the loss phase marks the formation of a bottom, which is indicated by the ratio between the Bitcoin currently experiencing a profit and that seeing a loss. The high rate of discrepancy between these parameters was observed in only 415 days out of 4,639 (9%).

Image source: glassnode.com

The shift from losses to profits has prompted a number of participants to lock in their gains. Yet again, a difference can be seen in the behaviour of whales (>1,000 BTC) and smaller groups. The whales got rid of their stocks as the price rose but then returned to hoarding after it reached the $30,000 mark. The other participants, on the other hand, saw the rise to the level and the subsequent correction as an excellent reason to sell the asset.

Image source: glassnode.com

So, should we take a serious look at the latest price reduction, which has already gained 13% from its 2023 high?

Источник изображения: криптовалютная биржа StormGain

If we evaluate the dynamics of recent months as a new bullish cycle, the statistics suggest that the correction is minor. In previous cycles, it often surpassed 30% (and exceeded 60% on a couple of occasions), after which the price set new records.

Image source: glassnode.com

The Standard Chartered Bank ($820 billion in assets by the end of 2022) recently announced that the crypto winter is over, and we've entered a new growth phase. According to Geoff Kendrick, the Head of Digital Asset Research there, Bitcoin will reach the $100,000 mark next year.


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