According to the most recent data, even though old whales offloaded last year, the demand for Bitcoin does not seem to be waning.
As liquidity from short-term sellers is being moped up, Bitcoin is being actively picked up at values near $30,000.
After a period of traders bringing BTC to exchanges to sell or keep on hand as a hedge against additional losses, exchanges are currently seeing more outflows than inflows.
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According to data from on-chain monitoring service CryptoQuant, Bitcoin exchanges have started to sell their BTC reserves again as of late December.
In addition, CryptoQuant reports that BTC reserves on the 21 major platforms monitored have grown from 2.396 million to 2.428 million BTC between December 7 and December 28, 2021.
Following that, the longer-term slump resumed, with exchanges holding 2.366 million BTC as of Monday, despite spot price movement being at six-month lows.
Meanwhile, older whales, despite showing some impatience in recent years, are still likely to cause price trend reversals, according to CryptoQuant CEO Ki Young Ju.
"It appears they have been sold $BTC to new participants at the tops or bottoms," he wrote in a series of tweets regarding the subject, adding that institutions have likely been the primary buyers since 2020.
While the exchange balance trend is well-known, it now aligns with palpable on-chain demand from significant investors.
The surge above $33,000 was accompanied by multi-million-dollar BTC buy-ins from one wallet in particular, as noticed by Twitter account CC15Capital this week.
From a beginning value of $0 in August, the account has acquired nearly $1 billion in BTC.
The issue is exacerbated by long-term investors' adamant refusal to sell. Coins that have not moved in a year or longer currently account for 60% of the total BTC supply.
Meanwhile, following the drop from all-time highs of $69,000, whale accumulation has been visible everywhere.
