According to on-chain analytics firm Santiment, Bitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11.
It should be recalled that the Bitcoin price found resistance in its path higher, reverting from the highs near $31,050 on April 14 back down to a low of $26,965 on April 24.
🐳 #Bitcoin whales have quietly accumulated again since profit taking above $30k on April 11th. Since this date, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 $BTC have collectively added 64,094 coins back to their bags. 💰https://t.co/Lx3msF58Wo pic.twitter.com/zUQC4BaW6F— Santiment (@santimentfeed) April 29, 2023
In terms of price performance, the beginning of 2023 has been historically good. There have been very few notable corrections along the road, with the largest being -18.6%.
Santiment notes that since mid-April, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 BTC have collectively added 64,094 coins back to their bags. Whales or large holders are often known to accumulate at a discount during periods of dip or consolidation.
Glassnode also observed that Bitcoin HODLers have returned to the prevailing regime of accumulation following a brief period of aggressive distribution during the depths of the bear market.
At the time of writing, Bitcoin was trading above $29,000. The lead asset was marginally up in the last 24 hours at $29,301. Bitcoin declined after touching highs of $30,050 on Wednesday.
Currently, Bitcoin's move to regain the $30,000 mark once again has not yielded, as it currently trades in the $28,000 to $29,900 range.
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For Bitcoin, Glassnode observes that the market appears less decisive than it has been in the first quarter of the year, noting that accumulation and distribution behavior across several wallet cohorts remain mixed at the moment.