Bitcoin ($BTC) has been witnessing a significant accumulation trend over the past six weeks, predominantly from non-exchange owners of the currency who possess substantial holdings, meaning Bitcoin whales with more than 10,000 BTC in their wallets.
According to cryptocurrency analytics firm Glassnode, non-exchange Bitcoin whales holdings more than $265 million in the flagship cryptocurrency have been “aggressively” accumulating, in stark contrast with smaller holders who have been offloading their Bitcoin holdings over the same period, resulting in a marked bifurcation in the Bitcoin Accumulation Trend Score.
The firm also noted that in terms of exchanges, the inflow of major assets is currently at a near-historical low, languishing at a relatively quiet $1.84 billion. This is a staggering 85% lower than the peak inflow witnessed during the May 2021 sell-off, which was driven primarily by a capitulation and exit liquidity events
A close examination of the total Bitcoin holdings on the top three cryptocurrency exchanges — Binance, Bitfinex, and Coinbase — over the past three years revealed a notable shift.
Binance and Bitfinex have seen their Bitcoin reserves increase by 421,000 BTC and 250,000 BTC respectively, while Coinbase’s holdings have dwindled by 558,000 BTC. As it stands, Binance now holds 703,000 BTC, Bitfinex controls 320,000 BTC, and Coinbase possesses 462,000 BTC, according to Glassnode.
This report comes amid a turbulent backdrop in the world of cryptocurrencies. Digital assets have experienced a sharp downturn following the announcement that the US Securities and Exchange Commission (SEC) has initiated a lawsuit against Binance and its CEO, Changpeng Zhao, as well as against Coinbase.
As CryptoGlobe reported, some crypto whales started buying the dip shortly after the SEC’s lawsuit against Binance was announced. Recently, SEC Chair Gary Gensler said on live television that he believes no more digital currencies are needed as digital forms of fiat currencies suffice.
Featured image via Pixabay.
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