BlockBeats News, December 16th, according to Cointelegraph, as Bitcoin retreated about 30% from its high of $126,000, with the price hovering around the key support level of $85,000, on-chain data shows that mid-sized hodlers and some institutional funds are accelerating their accumulation.
Glassnode data shows that “whale addresses” holding between 100 and 1,000 BTC accumulated approximately 54,000 BTC over the past week, with their total holdings increasing from about 3.521 million BTC to 3.575 million BTC. The accumulation rate hit the fastest level since 2012, indicating significant buy-the-dip behavior even amidst a sharp pullback.
However, the upside potential in the market is still constrained by selling pressure from larger-scale hodlers. Data shows that long-term holders and “OG” whales holding over 10,000 BTC have been consistently reducing their holdings over the past two months. Charles Edwards, the founder of Capriole Investments, pointed out that record institutional buying pressure is being absorbed at a pace unseen in years by long-term holders, which may continue to suppress Bitcoin’s price performance in the short term.
Furthermore, veteran trader Peter Brandt warned that Bitcoin has broken below a key parabolic support, and if historical patterns repeat, the risk of a deeper pullback cannot be ruled out.
