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June 6, 2023

Largest Bitcoin Whales ‘Aggressively’ Accumulating BTC, Says Analytics Firm Glassnode – But There’s a Catch

By Daily Hodl Staff

The largest non-exchange Bitcoin (BTC) whales have been “aggressively” accumulating the top digital asset for the last month and a half, according to the crypto analytics platform Glassnode.

Glassnode also notes, however, that all other sizes of non-exchange BTC owners have been unloading their Bitcoin holdings across that same time period.

“An interesting dichotomy across the Bitcoin Accumulation Trend Score persists, as the largest of Whales (>10,000 BTC) continue to aggressively accumulate, whilst all other major cohorts experience heavy distribution.”

Source: Glassnode/Twitter

The analytics firm also says exchange inflows across major assets currently sit near cycle lows at an “extremely quiet” level of $1.84 billion.

Among the top three crypto exchanges, Glassnode notes the total amount of Bitcoin held on Binance and Bitfinex has increased by 421,000 BTC and 250,000 BTC in the past three years, respectively, while holdings on Coinbase decreased by 558,000 BTC over that same time period.

Binance now holds 703,000 Bitcoin, Coinbase holds 462,000 and Bitfinex holds 320,000.

Source: Glassnode/Twitter

Crypto assets tumbled on Monday amid news that the US Securities and Exchange Commission (SEC) has launched lawsuit against Binance and its CEO Changpeng Zhao. The regulator alleges the exchange violated investor protection and securities laws.

BTC is trading at $25,530 at time of writing. The top-ranked crypto asset by market cap is down more than 6% in the past 24 hours.

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