Bitcoin has just retested $65,000 as onchain data from CryptoQuant shows a major divergence between traders with large wallets and smaller holders.
Per data shared earlier today, large Bitcoin holders, also regarded as whales, are buying the asset again, while holders with mid-sized assets are moving in the opposite direction.
Bitcoin whales scoop 66,700 BTC
With Bitcoin showing mixed price action amid persisting market volatility, the metric shows that separate groups of Bitcoin holders are displaying mixed sentiments.
Notably, holders with wallets carrying between 1,000 and 10,000 BTC have accumulated about 66,700 BTC over the past 60 days, marking the highest Bitcoin buying activity from whales over the last two months.
While this is nearly reaching the 68,000 BTC recorded in mid-June, it marks the highest accumulation level Bitcoin whales have reached since February.
Bitcoin smaller holders take a separate route
While demand from Bitcoin whales continues to intensify, the data further shows that wallets holding between 100 and 1,000 BTC are selling at one of the fastest rates seen in months.
Notably, these smaller holders have sold about 77,800 BTC over the period, signaling a major divergence between larger and mid-sized Bitcoin holders.
This has drawn attention from market analysts, as this same wallet group had accumulated more than 92,000 BTC in late April.
With these divergent moves from large and smaller Bitcoin holders, it appears that Bitcoin is changing hands rather than flooding the market.
This suggests that as mid-sized holders increasingly exercise caution or take profits, larger whales are absorbing much of the available supply, potentially reducing selling pressure on Bitcoin's market performance.
Dan Burgin
U.Today Editorial Team
