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Whale buys all BTC miners sold at $19k

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Despite Bitcoin's sharp drop, investors found a small opportunity to add BTC to their pockets.

Since hitting an all-time high of 69.000 dollars in November 11, Bitcoin was in free fall. However, investors have accumulate BTC at every price drop sharply to avoid missing out on the next rally.

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According to data firm Glassnode, whales with over 1 BTC have been hoarding at a remarkable rate. This group is considered the most diamond hand, able to overcome any market phase.

In total, these whales purchased about 140 thousand BTC per month from crypto exchanges and now own 8,69 million BTC, account for about 45,6% circulating supply.

Although Sharks (with 1k to 10k BTC) have been increasing their wallet balance, but slow speed alarmingly.

According to Checkmate, lead analyst at Glassnode, “These are high net worth people and potentially institutions.”

Smaller investors (with 0,1 to 10 BTC) also seem to find $20k an attractive price, they strong accumulation at that price at its biggest pace since 2017.

Investors with less than 1 BTC also took advantage of this drop, trying to accumulate satoshi to achieve their dream of owning at least one bitcoin.

This number of investors has accumulated with fastest speed as of March 3. In the last two quarters, they have added about 36,75 thousand BTC per month, or about 0,2% total circulating supply and currently holding a total 1,12 million BTC.

The BTC sell-off was in part triggered by miners as profits fell and energy prices rose. According to Glassnode, miners hold a total of 65,2 thousand BTC and sold approx 3 thousand-4 thousand BTC per month.

Furthermore, there is a common fear among miners that the price of Bitcoin could fall further, further reducing their hard-earned rewards.


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