Recent BTC whale activity mirrors 2022 bear market, analysis finds

Recent movements among Bitcoin whale addresses are showing a similar pattern to the early stages of the 2022 bear market, CryptoQuant noted in an analysis reported by Decrypt. According to the on-chain data firm, the BTC holdings of whales with 1,000 to 10,000 BTC have been on a downward trend for the past year. Additionally, the accumulation speed of so-called "dolphin" addresses, which hold 100 to 1,000 BTC, is also slowing. CryptoQuant explained that whale trading volume is also decreasing, a pattern similar to what was observed at the beginning of the 2022 bear market. Conversely, the supply held by long-term holders (LTHs) has reached an all-time high of 15.8 million BTC, which the firm suggests could also indicate a slowdown in the influx of new market participants. During the 2022 bear market, BTC rose to $47,450 in March before falling to $15,742 by November of that year.