Bitcoin whales account for the most exchange inflows volume-wise since June 2022, as short-term holders become increasingly active.
Since BTC price action returned to $30,000, a shift has taken place among Bitcoin traders.
so-called short-term holders (STHs) investors holding coins for a maximum of 155 days have become significantly more common.
As it turns out, the largest-volume investor cohorts, the whales, are also composed of large numbers of STHs.
“Short-Term Holder Dominance across Exchange Inflows has exploded to 82%, which is now drastically above the long-term range over the last five years (typically 55% to 65%),” it stated.
From this, we can establish a case that much of the recent trading activity is driven by Whales active within the 2023 market (and thus classified as STHs).
Interest in trading short-timeframe moves on BTC/USD was already in evidence before May. Since the FTX meltdown in late 2022, speculators have been increasingly eager to tap volatility both up and down.
The results have been mixed realized profits and losses have routinely spiked in line with volatile price moves.
Closer to the present, whales have ramped up exchange activity, in July at one point accounting for 41% of total inflows.
Whales are not the only forces at work when it comes to BTC sales.
Mining Pool Poolin hit the headlines with its transactions destined for Binance, while miners potentially hedging profits also contributed to the sell-side activity.