Bitcoin HODLers Don’t Sell Like BTC Sharks Accumulate Heavy Rate in Dip ⋆ ZyCrypto
   
The bear market has proven to be no respecter of status, this is evident in its detrimental impact on the price movement of the digital gold. Still, as indicated on a Santiment chart, Bitcoin sharks appear to be rapidly collecting Satoshis in the downturn triggered by the ongoing crypto winter.
Santiment reveals that BTC sharks collectively hold 4.29 million coins
Santiment, a platform dedicated to behavioral analysis of the crypto market, has provided a chart indicating that Bitcoin sharks – addresses that hold 10 to 100 coins – have accumulated Satoshis (a denomination of Bitcoin) in the current downturn.
Bitcoin sharks have increased their combined holdings of the asset to 4.29 million BTC, valued at a combined estimate of $93 billion at current rates. The chart also shows that this wave of accumulation was evident between the end of May and the beginning of June – during the last five weeks. The accumulation occurred during a period when the price of BTC fell by 27%.
The fundraising follows ten weeks of a dismal period in which the sharks have aggressively dumped Bitcoin. There was a series of dumps from the end of March to the end of May – a period in which Bitcoin plunged by 37%. The subsequent accumulation indicates a positive outlook that sets the asset up for sunny days.
BTC Binary CDD indicator shows that long-term holders are not selling
Bitcoin has been hovering above the $20k zone for some time now after the current bear market dragged the asset down to a low of $17,749 on June 18 following massive selling – a territory the coin has been witnessing since December 2020.
   
Net unrealized gains and losses of Bitcoin are in the unrealized loss range, indicating that the asset is around the capitulation phase, according to data from CryptoQuant. Market sentiment does not look good either, as Coinbase Premium indicates low buying pressure for US institutional investors.
On the plus side, the Miners’ Position Index shows that miners are not selling their BTC earnings as quickly as in the last month. Sales persist, but in a rather moderate way. The BTC Binary CDD indicator also shows that long-term holders are not selling their holdings, indicating an interest in HODLing.
The month of June saw the coldest touches of the crypto winter as most digital assets plunged by scary margins. However, July brings a more positive outlook, with most assets looking to recover a bit. BTC is currently trading at $21,857, having gained 12.1% in the past seven days.
