Bitcoin has seen a sharp pullback, briefly touching $76,000, yet whales and institutions continue to accumulate. Data from Santiment shows Bitcoin wallets holding at least 100 BTC have increased to 20,229, an 11.2% rise from last year. These wallets, often linked to major investors, now hold approximately $7.7 million or more in BTC, indicating confidence in Bitcoin's long-term potential despite market volatility.
Amidst this accumulation, the market faces stress with CryptoQuant's SOAB ratio indicating large-scale capitulation from older holders, while short-term investors show panic selling. Despite bearish sentiment among retail traders, Nexo analyst Dessislava Ianeva suggests the CLARITY Act's progress in the Senate could catalyze a Bitcoin bull run. The bill's advancement has already seen Bitcoin briefly surpass $82,000, with expectations of further gains if it becomes law.
Bitcoin Whales Accumulate as Regulatory Developments Unfold
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