On-chain data vendor IntoTheBlock has shared a tweet with a chart, showing that Bitcoin hodlers have been adding to their BTC stashes actively now and the price has plummeted around 50% from the November all-time high of nearly $69,000.
Long-term holders are buying on the dip
The tweet says that during the previous bear markets and rallies, hodlers followed a similar pattern—accumulated on the dip and sold as the Bitcoin price reached new highs. The chart confirms this, showing a curve of Bitcoin hodlers' balances going up and down.
According to the chart, in late November, prior to the $69,800 all-time high, their cumulative balances almost reached 12.5 million BTC. After that, hodlers began to sell and took them down to around 10 million Bitcoins.
Now, as the price is holding in the $36,500 range, the curve is going up again.
$BTC Hodlers accumulating— IntoTheBlock (@intotheblock) January 28, 2022
Throughout previous bull and bear markets we see Hodlers repeat a similar pattern:
- As prices reach new highs, Hodlers tend to decrease their balance
-As prices drop 50% or more, the total balance in Hodlers' addresses continues climbing. pic.twitter.com/2zMUlBMTSO
Whales add 60,000 BTC over past two months
Per data provided by another analytics agency, Santiment, earlier today, over the past two months, cryptocurrency whales (with wallets containing 100 + BTC) had accumulated 60,000 Bitcoins.
This large amount of the leading cryptocurrency is worth slightly more than $2,200,026,000 at press time.
The Santiment team adds that over the past five years—that is, since 2017—these whales have accumulated a massive 1.7 million BTC equal to a mind-blowing $62,334,070,000.
Wallets that store between 100 and 1,000 BTC now hold a cumulative of 3,956,271 BTC, which is almost 21% percent of all Bitcoins in circulation, according to BitInfoCharts' BTC rich list.