{"id":329207,"date":"2023-05-29T17:25:25","date_gmt":"2023-05-29T16:25:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=329207"},"modified":"2023-05-29T17:25:37","modified_gmt":"2023-05-29T16:25:37","slug":"whales-and-long-term-holders-continued-to-accumulate-as-bitcoin-touched-28k","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/whales-and-long-term-holders-continued-to-accumulate-as-bitcoin-touched-28k\/","title":{"rendered":"Bitcoin touches $28,000 as whales, long-term holders ramp up accumulation"},"content":{"rendered":"<p class=\"p1\"><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> experienced a fleeting spike in the early morning hours on Monday, May 29, briefly <a href=\"https:\/\/cryptoslate.com\/insights\/bitcoin-breaks-28k-threshold-on-debt-ceiling-decision-whales-continue-to-accumulate\/\">surpassing<\/a> the $28,000 resistance level after spending the better part of May relatively flat. The buying pressure dwindled over the preceding weekend, with Bitcoin stabilizing at $28,800.<\/p>\n<figure id=\"attachment_329237\" aria-describedby=\"caption-attachment-329237\" style=\"width: 982px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-329237\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/btcusd-may-1.png\" alt=\"btcusd may whales\" width=\"982\" height=\"482\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/btcusd-may-1.png 982w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/btcusd-may-1-300x147.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/btcusd-may-1-768x377.png 768w\" sizes=\"(max-width: 982px) 100vw, 982px\" \/><figcaption id=\"caption-attachment-329237\" class=\"wp-caption-text\">Graph showing Bitcoin\u2019s price in May 2023 (Source: <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">CryptoSlate BTC<\/a>)<\/figcaption><\/figure>\n<p class=\"p1\">Bitcoin\u2019s weekend volatility left most of the market unfazed, with whales and long-term holders ramping up accumulation. The two cohorts, believed by many to be one of the leading drivers of market sentiment, have been committed to accumulation throughout May but have used Bitcoin\u2019s weekend volatility to increase their holdings.<\/p>\n<p class=\"p1\">Whale addresses, categorized as addresses holding over 1,000 BTC, have seen an uptick in numbers during the second half of May, culminating over the weekend.<\/p>\n<figure id=\"attachment_329238\" aria-describedby=\"caption-attachment-329238\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-329238\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count.png\" alt=\"whale address count\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/whale-address-count-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-329238\" class=\"wp-caption-text\">Graph showing the number of Bitcoin whale addresses in 2023 (Source: Glassnode)<\/figcaption><\/figure>\n<p class=\"p1\">A similar trend emerged among shark addresses, defined as those holding between 100 BTC and 1,000 BTC, with Glassnode data showing an evident increase.<\/p>\n<figure id=\"attachment_329239\" aria-describedby=\"caption-attachment-329239\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-329239\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count.png\" alt=\"btc shark address count\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/shark-address-count-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-329239\" class=\"wp-caption-text\">Graph showing the number of Bitcoin shark addresses in 2023 (Source: <a href=\"https:\/\/studio.glassnode.com\/home\">Glassnode<\/a>)<\/figcaption><\/figure>\n<p class=\"p1\">Furthermore, long-term holders have detected a significant surge in the net realized profit\/loss (NPL). This suggests that these persistent investors have spent their coins above their acquisition cost throughout May.<\/p>\n<figure id=\"attachment_329246\" aria-describedby=\"caption-attachment-329246\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-329246\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl.png\" alt=\"long term holders net realized profit\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-npl-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-329246\" class=\"wp-caption-text\">Graph showing the net realized profit\/loss (NPL) for long-term holders in 2023 (Source: Glassnode)<\/figcaption><\/figure>\n<p class=\"p1\"><em>CryptoSlate<\/em> analysis found that the coins accumulated by these cohorts aren\u2019t likely to hit the exchanges any time soon. A notable decrease and the continuation of the downtrend seen in the sell-side risk ratio from long-term holders indicates that the accumulated Bitcoin is being held for its long-term growth potential.<\/p>\n<figure id=\"attachment_329247\" aria-describedby=\"caption-attachment-329247\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-329247\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio.png\" alt=\"long term holders sell side risk \" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/lth-sell-side-risk-ratio-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-329247\" class=\"wp-caption-text\">Graph showing the sell-side risk ratio for long-term Bitcoin holders from January 2022 to May 2023 (Source: Glassnode)<\/figcaption><\/figure>\n<p class=\"p3\">Despite the ambiguous price behavior we\u2019ve seen over the week, the active accumulation by whales and long-term holders may stabilize the market. While other cohorts, such as shrimp and short-term holders, have also been accumulating, the significant market influence of whales and long-term holders suggests that their accumulation patterns could pave the way for a more solid foundation for future growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Bitcoin briefly surpassed the $28,000 mark, whales and long-term holders were quick to accumulate during the weekend volatility. With a noticeable uptick in whale and shark addresses, as well as a surge in long-term holders&#8217; NPL, the market&#8217;s reaction is intriguing. However, an unexpected trend in the sell-side risk ratio raises a critical question: what does this mean for Bitcoin&#8217;s future and how will it impact the market&#8217;s stability? Find out the answer behind the Alpha paywall&#8230;<\/p>\n","protected":false},"author":759,"featured_media":329230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77921],"tags":[78448,78574,77491],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin touches $28,000 as whales, long-term holders ramp up accumulation<\/title>\n<meta name=\"description\" content=\"Unfazed by weekend volatility, Bitcoin whales and long-term holders have ramped up accumulation increasing their BTC holdings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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