Blockchain data shows sustained bargain hunting by large bitcoin (BTC, +10.08%) holders despite persistent gloom and doom in the market.

  • Addresses carrying at least 1,000 BTC, known as the "rich list" or "whales," held 7.89 million coins at press time, an addition of 80,000 since May 19's price crash to $30,000, according to data provided by Santiment.

  • The total held by the rich list hit a three-month high of 7.91 million earlier this week.

  • "Whales aren't slowing down their accumulation," Santiment tweeted early today. "This is a strong vote of confidence for bulls, seeing top key stakeholders are increasing their bags."

Chart

Bitcoin held by addresses owning atleast 1K BTC
Source: Santiment

  • The increase by long-term holders signals accumulation during the bear trend, according to blockchain analytics firm Glassnode.

  • The data show whales and long-term holders remain confident of the cryptocurrency's prospects.

  • Nevertheless, the cryptocurrency may see short-term losses if the U.S. consumer price index, scheduled for release at 12:30 UTC on Thursday, exceeds expectations, boosting concerns of an early unwinding of stimulus by the Federal Reserve.

  • "Large upside scare to the [CPI] print will make the downside below $30,000 very vulnerable, and we are most concerned with that now," QCP Capital said in its Telegram channel.

  • The impending death cross, or the bearish crossover of the 50-day and 200-day simple moving averages, is also hinting at the scope for deeper losses.

  • At press time, bitcoin was trading at $36,300, a 3% drop on the day.

  • Prices rose more than 10% on Wednesday, hitting highs above $37,400 even as China announced a ban on virtual-currency mining operations in Qinghai province. El Salvador's decision to adopt bitcoin as legal tender likely buoyed sentiment.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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