CryptoQuant: Bitcoin whales significantly reduce the accumulation rate of tokens, with the monthly growth rate of whale holdings dropping to 1%

2024-08-20 23:46:37

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ChainCatcher news, on-chain analytics company CryptoQuant indicates that Bitcoin whales have significantly reduced the speed of accumulating tokens. The 30-day percentage change in whale holdings has dropped from 6% in February (the fastest rate since February 2019) to the current 1%. Currently, "most" demand indicators show signs of weakness, and Bitcoin's purchasing power is still insufficient to push its price to a new all-time high.

The report states: "Although the overall demand for Bitcoin is slowing down, long-term holders continue to accumulate Bitcoin at unprecedented levels. The total balance of these holders is growing at a record pace of 391,000 Bitcoins per month. The growth rate of demand from long-term holders is even faster than when Bitcoin's price exceeded $70,000 in the first quarter of 2024."

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