On chain analysis platform Santiment posted on X platform today that wallet addresses holding 10 to 1000 bitcoins quickly increased their holdings during the period when the bitcoin price fell below $50000. According to Santiment's data, there were a total of 28319 Bitcoin transactions worth over $100000 and 5738 transactions worth over $1 million in the past two days, marking the highest trading volume for the whale since April.

It is reported that Bitcoin whales or long-term holders have accumulated nearly $23 billion worth of Bitcoin in the past 30 days, and related accumulation activities reached their peak during market crashes. Ki Young Ju, founder and CEO of data analysis company CryptoQuant, pointed out that since early July, over 400000 bitcoins have been transferred to long-term holder addresses.

He also mentioned that those whales that have held Bitcoin for more than three years have already sold some of their Bitcoin holdings to new whales between March and June, so there is currently no significant selling pressure seen from the old whale addresses. Ki Young Ju summarized:

Based on this data, I believe the bull market is still alive. If the market does not recover in two weeks, I will reconsider. I follow smart money, so if I am wrong, it means that the new whale has either been misled or underestimated the macro environment