Top Bitcoin Whales Accumulate as Crypto Market Faces Legal Woes
According to the crypto analytics platform Glassnode, the largest Bitcoin (BTC) holders outside of exchanges, have been actively acquiring the leading digital asset over the past month and a half.
On the other hand, smaller non-exchange BTC owners have been selling their Bitcoin holdings during the same period.
There is an interesting contrast in the Bitcoin Accumulation Trend Score, as the biggest Whales (>10,000 BTC) continue accumulating aggressively while other major groups witnessin significant distribution.
Glassnode also reports that inflows to exchanges for major assets are currently at low levels, with a remarkably quiet amount of $1.84 billion.
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Regarding the top three crypto exchanges, Binance and Bitfinex have seen an increase in their Bitcoin holdings by 421,000 BTC and 250,000 BTC, respectively, over the past three years. However, Coinbase’s Bitcoin holdings decreased by 558,000 BTC during the same period. Currently, Binance holds 703,000 Bitcoin, Coinbase holds 462,000, and Bitfinex holds 320,000.
The cryptocurrency market experienced a decline on Monday following news of a lawsuit by the US Securities and Exchange Commission (SEC) against Binance and its CEO, Changpeng Zhao. The SEC alleges that the exchange violated investor protection and securities laws.
As of the time of writing, BTC is trading at $25,530, reflecting a decrease of over 6% in the past 24 hours.