U.Today - The Bitcoin market has experienced a sharp divide in recent weeks as Bitcoin's biggest whales, those with more than 10,000 BTC, have been the digital currency.
Meanwhile, smaller investors and holders of lesser amounts of Bitcoin have been selling their holdings.
This observation was shared on Twitter by crypto analyst Hoss, who highlighted the striking contrast in behavior among different types of investors, citing blockchain analytics firm Glassnode.
Glassnode is responsible for determining the accumulation patterns of whale accounts, which are categorized by the number of Bitcoins they hold. They do this by analyzing on-chain data, which records transactions on the blockchain network. This allows Glassnode to identify and track the activity of these so-called whales, providing valuable insights into their trading behavior.
Hoss's tweet shared a chart that showed blue areas indicating accumulation phases by deep-pocketed accounts holding more than 10,000 Bitcoins. At the same time, smaller holders, such as retail investors, have been jumping ship.
This disparity suggests that major investors may have a different view on Bitcoin's future price performance, and it remains to be seen which side will end up being correct.
The largest cryptocurrency keeps trading below the $28,000 level.