Recent increases in Bitcoin accumulator wallet supplies and market behavior show mixed signals among investors.
Bitcoin Accumulators Increase Their Holdings
Wallets known for never selling their Bitcoin supplies added about 248,000 BTC this month, according to CryptoQuant data. These addresses are referred to as "accumulators" because they only receive Bitcoin and have no record of making sales.
The monthly average sits closer to 164,000 BTC, indicating that most of the recent buying occurred within a few weeks. At current prices, this stash is worth around $30 billion.
Market Caution amid Potential Corrections
If Bitcoin enters a correction or remains sideways for a while, some of these wallets may begin selling. This would remove their accumulator status and could introduce new supply into the market. Meanwhile, most are still holding onto their assets, indicating a solid interest in holding BTC long-term despite sharp price swings.
Joao Wedson from Alphractal noted that large trades over $1 million are showing short exposure, indicating a bearish sentiment among whales based on tools that track volume and open interest.
Key Levels After Recent Price Drop
At the time of writing, Bitcoin was trading around $116,500, a drop of 4.5% over the last 24 hours but still up 8% for the past week. Analyst Ali Martinez pointed out that the price recently hit a target near $121,000, with next levels at $131,000, $144,000, and $158,000.
Some are suggesting a potential peak around $200,000 later this year if the current chart pattern plays out. Nonetheless, momentum remains strong.
The situation in the Bitcoin market continues to evolve, with notable activity from accumulator wallets and mixed signals from major players creating uncertainty in the short term.
