Release of whales. The end of the year 2024 was synonymous with correction for Bitcoin. Indeed, after reaching a new ATH at $108,000 on December 17, the price of BTC has started a descent now at the threshold of $90,000. Because the cryptocurrency market is under pressure, faced with a USD dollar and inflation which are weighing down the mood. A good opportunity for the whales to start again accumulate BTCwith a total of $3.2 billion over the last few weeks. But will this be enough?
- Bitcoin reached a new all-time high at $108,000 in December 2024 before undergoing a significant correction.
- Bitcoin whales have accumulated $3.2 billion in BTC, despite a massive sale of 79,000 BTC at the end of the year.
Whales corrected BTC
The end of 2024 was marked by a new ATH for Bitcoin, with a 6-digit amount achieved for the very first time in its history. Indeed, BTC has validated the $108,000 in mid-December, before take the direction of the current uncertainty.
But as when climbing any peak, you must then move on to the most unpleasant part of the descent. And this currently takes the form of a correct you BTCalready leading a decline in 15 %.
A correction greatly accelerated by massive resales carried out by Bitcoin whales at the end of December. Indeed, wallets holding between 1000 and 10,000 units of this cryptocurrency have poured a total of 79 000 BTCjust a few days after its historic peak.
A situation highlighted by the head of research for the Blocktrends structure, Cauên Oliveira (Caueconomy), in a publication on the analysis site CryptoQuant. This following what he identifies as “ the biggest dump of 2024 » ! However, it seems that the trend has changed since the start of the year.
Bitcoin: an accumulation of 3.2 billion dollars
Following its last peak, BTC is now back below the symbolic level of $100,000. And this rather unpleasant situation for small investors seems give wings to whales (do you have the image?) of Bitcoin.
Indeed, these large institutional holders of BTC are obviously returned to accumulation mode around the $95,000 level. With a total of 34 000 BTC (approximately $3.2 billion), if we add the 7000 BTC acquired since the beginning of the year.
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And buying pressure which allows Cauên Oliveira to hope for compensation – for the moment partial – for the hemorrhage estimated at 79,000 BTC at the end of 2024. This while allowing us to envisage a sustainable consolidation scenario over the next few weeks.
“Note that while we have seen periods of rebalancing in institutional portfolios, the trend remains toward accumulation since June 2023. This indicates that at a time when retail demand is at a 5-year low , institutional interest remains high. »
Cauên Oliveira
However, the situation remains fragile for Bitcoin at the start of the year. With different elements to take into account, such as a necessary continuation of the Fed interest rate cut to help boost its market. And the risk of seeing a sales pressure very unwelcome, following the desire of the United States to resell 69,000 BTC ($6.5 billion) seized in the Silk Road affair.
Passionate for many years by the decentralized world of cryptocurrencies and the development of Web3, I attach great importance to popularization to make things understandable and accessible to all. I am also a published author.
