Whales are buying up Bitcoin like it’s going out of style.
According to IntoTheBlock, big-time Bitcoin investors (those holding between 100 and 1,000 BTC) have been quietly scooping up over $10 billion worth of Bitcoin in the last six months. They’re not fazed by the recent price dips, and are actually increasing their holdings. These whales now control a whopping 20.3% of all Bitcoin in circulation.
But not everyone is so confident.
While the big players are buying, short-term Bitcoin holders (those who bought recently) are feeling the pain. Many of them are sitting on losses, and if the price drops further, they might be forced to sell. This could lead to a wave of selling pressure that could push the price down even more.
So what does this mean for Bitcoin?
It’s a bit of a mixed bag. The whales are bullish, but the short-term holders are nervous. It’s hard to say what will happen next, but it’s clear that the market is still volatile.
Keep in mind: This is not financial advice. Do your own research before investing in Bitcoin or any other cryptocurrency.
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