Viewpoint: In the past half month, the Bitcoin whale group holding over 10,000 BTC has accumulated an increase of 68,030 BTC

According to analyst Murphy, from November 4 to November 20, the main distribution force among the whale population came from groups holding less than 100 BTC. For example, wallets holding 10-100 BTC collectively reduced their holdings by 24,911 BTC. The main accumulation force came from the largest group, the super whales holding 10k-100k BTC, who collectively increased their holdings by 68,030 BTC.

This group began to continuously reduce their holdings after peaking in July last year, until mid-October this year when BTC fell below $106,000, at which point they started to accumulate again. The actions of the whales indicate that they believe the current price of BTC has a certain cost-performance ratio. However, their accumulation may not immediately support the secondary market price. Historically, the behavior of whales tends to be a process, and they do not always buy at the lowest point and sell at the highest point. But over a longer period, they are rarely left behind.