Bitcoin Whales Cling to Their Coins Despite Market Downturn

Bitcoin Whales Stand Firm

Despite recent bearish trends in the Bitcoin market, on-chain data reveals that Bitcoin whales have held firm in their positions. According to an analytics report by Santiment, these significant investors, known as whales, have not been deterred by the recent decrease in Bitcoin's value. The report focuses on the 'Bitcoin Supply Distribution' which indicates the collective holding pattern of various investor cohorts.

Understanding Bitcoin Cohorts

Different groups, from 'sharks' with 100-1,000 BTC to 'mega whales' with 10,000-100,000 BTC, each play distinct roles in the market's dynamics. Despite differing in their degree of influence, recent trends show these cohorts have engaged in net accumulation of Bitcoin since March. Substantial purchases by the mega whales in early March may have led to the rally towards a new all-time high, with post-peak adjustments witnessed across the board.

The Resilience of Bitcoin's Elite

The resilience of these large-scale Bitcoin holders is apparent as they maintain their investments, suggestive of their confidence in Bitcoin's future. The transaction history indicates that different cohorts acted variably around the all-time high rally, but all seem to exhibit a long-term holding strategy amidst Bitcoin's fluctuating price, which currently hovers around $62,600, reflecting an over 11% decrease from the previous week.