Although whales accumulate Bitcoin, investor sentiment is still gloomy when Bitcoin fluctuates below $21,000.
Bitcoin’s macro indicators are currently bottoming out, signaling a potential bull run. After a volatile month in the crypto market, Bitcoin hovers around the $20,440 mark . Many investment funds are in debt because of the market slump.
Whales “catch bottom” but investors are concerned
On-chain (on-chain) data shows that BTC accumulation was at a high throughout June, when Bitcoin hovered below $22,000 . This index grows as wallets holding less than 1 BTC and whales owning more than 10,000 BTC constantly “bottoming” Bitcoin.
In June, the BTC holdings of the long-term holding pool decreased by about 181,800 BTC, the total balance of the holding pool returned to the level at the beginning of September 2021. This number represents only 7.16% of Bitcoin’s total supply. If long-term holders continue to sell Bitcoin, it is likely that many in this group will “discharge” BTC.