Analysis: As Bitcoin experiences a 30% pullback, the "Whale Address" is accumulating at the fastest pace in 13 years

BlockBeats News, December 16th, according to Cointelegraph's report, as Bitcoin retreated about 30% from its $126,000 high and the price hovered around the $85,000 key support level, on-chain data shows that mid-sized holders and some institutional funds are accelerating their accumulation.

Glassnode data shows that "whale addresses" holding between 100 and 1,000 BTC accumulated approximately 54,000 BTC in the past week, with their total holdings increasing from about 3.521 million BTC to 3.575 million BTC. The pace of accumulation hit the fastest level since 2012, demonstrating clear bottom-fishing behavior amid a significant pullback.

However, the upside potential in the market is still constrained by selling pressure from larger-scale holders. Data shows that long-term holders and "OG" whales holding over 10,000 BTC have been consistently reducing their positions over the past two months. Charles Edwards, the founder of Capriole Investments, pointed out that record institutional buying is being absorbed by long-term holders at a pace unseen in years, potentially continuing to suppress Bitcoin's price action in the short term.

In addition, veteran trader Peter Brandt warned that Bitcoin has broken below a key parabolic support, and if historical patterns repeat, there is a risk of a deeper pullback.