Research: In spite of FTX catastrophe, Bitcoin whales lead aggressive accumulation phase

cryptoslatePublicado a 2022-11-12Actualizado a 2022-11-12

Resumen

All Bitcoin cohorts have flipped into buying mode, but whales are accumulating at the most aggressive rate.

The events of the past week have led to significant sell pressure across the crypto market. Since FTX insolvency rumors broke on Nov. 6, peak outflows saw $270 billion leave the market.

”“

Despite the bearish market conditions, on-chain data analyzed by CryptoSlate showed all Bitcoin cohorts have flipped into accumulation mode, with whales buying most aggressively.

”“

Bitcoin Accumulation Trend Score

”“

The Accumulation Trend Score (ATS) looks at the relative size of entities that are actively accumulating, or distributing, in relation to their Bitcoin holdings.

”“

The ATS operates on a scale of 0 to 1. A reading close to 0 indicates distribution or selling. Whereas a reading close to 1 indicates accumulation or buying.

”“

The chart below shows whales accumulated for the first time since August. The current reading comes in at 0.97, indicating an aggressive rate of accumulation and the highest since 2019. For comparison, the previous day’s ATS reading flashed 0.74.

”“

Despite jitters resulting from the collapse of FTX, the market sees value in Bitcoin priced in the teens.

Source: Glassnode.com

”“

Cohort analysis

”“

Entities holding between 1,000 and 9,999 Bitcoin are categorized as whales. While 10,000+ BTC holdings refer to super whale status.

”“

In recent days, all cohorts have flashed light blue or darker blue, indicating all cohorts are accumulating in unison — an unprecedented pattern in 2022.

”“

Whales and minnows — entities holding less than 1 BTC — in particular are the cohorts accumulating most aggressively.

Source: Glassnode.com

”“

On-chain data shows the number of addresses (up to whale status,) bottomed at approximately the time of the $69,000 market top. Since then, an uptrend over 2022 has culminated in a sharp uptick in recent days.

Source: Glassnode.com

”“

Whale Exchange Net Position Change

”“

Exchange Net Position Change shows the 30-day change in the Bitcoin supply from exchange wallets. Readings above 0 indicate inflows into exchange wallets, while below 0 show BTC leaving exchange wallets.

”“

The chart below shows this data for whales and super whales. Recent days show exchange whale and super whale holdings have spiked higher. The last time this happened, to a comparable degree of significance, was during August.

”“

Although the primary reason entities send tokens to exchanges is to cash out. The Cumulative Net Whale Exchange Volume shows a macro increase over time, indicating this is not the case for whale holders.

Source: Glassnode.com

Lecturas Relacionadas

Japanese game developer launches Bitcoin, altcoin fund with SBI

Japanese game developer Gumi announced it will launch a 3 billion yen (approx. $18.3 million) crypto asset fund on Saturday in partnership with SBI Financial Services. The fund, operated by SBI Crypto Fund, will primarily invest in Bitcoin and major altcoins, employing staking, rebalancing, and hedging strategies. Gumi stated the fund aims to connect Japan's corporate sector with the crypto market and build operational experience ahead of a potential future lifting of Japan's ban on crypto ETFs. This initiative expands Gumi's crypto business, which includes managing its own substantial crypto holdings, notably in XRP. The company's annual report shows its crypto assets nearly doubled to 14.13 billion yen as of April 2026.

cointelegraphHace 2 min(s)

Japanese game developer launches Bitcoin, altcoin fund with SBI

cointelegraphHace 2 min(s)

Wall Street's Review of the Fed Decision: Walsh Welcomes the Market Replacing 'Rate Hikes'?

The Federal Reserve held interest rates steady at its July meeting. In the absence of clear forward guidance, Chair Wash's tacit approval of rising long-term Treasury yields became the focal point. Major institutions like Goldman Sachs, Barclays, and Nomura interpret this as a signal that the Fed is allowing market-driven tightening to substitute for official rate hikes. Despite three dissenting votes favoring a hike, the overall stance was perceived as dovish. Chair Wash downplayed AI-related price pressures, attributed rising real rates to economic strength, and repeatedly suggested that higher market rates could act in place of policy hikes. He emphasized that while the Fed had "done nothing" in the past 42 days, markets had "done a lot." Analysts highlight that Wash welcomed the significant rise in yields, framing it as markets "learning to play the game rather than watch the referee." This shift implies reduced urgency for the Fed to hike as long as long-end rates remain elevated. However, strategies outsourcing tightening to bond markets carry risks, including potential unanchoring of inflation expectations. Nomura warned that persistent dovish signals could undermine the Fed's inflation-fighting credibility, possibly triggering more aggressive responses from hawkish FOMC members later.

marsbitHace 17 min(s)

Wall Street's Review of the Fed Decision: Walsh Welcomes the Market Replacing 'Rate Hikes'?

marsbitHace 17 min(s)

E Fund "Quits Drinking"

"Yi Fang Da 'Gives Up Alcohol'" - Summary The article analyzes the recent portfolio adjustments of star fund manager Zhang Kun, focusing on his flagship funds, the Yi Fang Da Blue Chip Select and Yi Fang Da Quality Select. The key trend highlighted is a significant and ongoing reduction in exposure to the consumer sector, particularly liquor (baijiu) stocks like Kweichow Moutai and Wuliangye, which were once core holdings. This shift is driven by several factors: a downturn in the consumer sector's business cycle post-pandemic, with slowing earnings growth for major players; a change in consumer behavior towards value over premium brands; and high channel inventory pressures, especially in the liquor industry. These fundamentals have led to a prolonged phase of valuation contraction for consumer stocks. Concurrently, market capital has rotated aggressively towards the high-growth technology sector, especially AI-related chains, which have dominated fund inflows. This style shift has further diminished the attractiveness of traditional consumer "core assets" for many funds. As a result, Zhang Kun's funds have drastically cut their consumer stock allocations. For example, the Blue Chip Select's baijiu holding proportion has fallen from over 40% to around 20%, and its overall top 10 holdings concentration dropped sharply. This mirrors a broader trend in the active equity fund industry, where allocations to consumer staples have plummeted to multi-year lows while technology holdings have surged. The article concludes that while the consumer sector's valuations are now at historical lows, offering some margin of safety, the fundamental outlook remains challenging due to weak macro consumption recovery and intense internal competition. Therefore, the sector is likely to see only sporadic rebounds rather than a sustained recovery, continuing to weigh on the performance of funds still heavily invested in it. Zhang Kun's timely reduction of Korean semiconductor holdings in his Asia Select fund amid a market crash is also noted as a contrast to his domestic strategy.

marsbitHace 26 min(s)

marsbitHace 26 min(s)

Before the Second Attempt at Hong Kong IPO, Topstar 'Hands Out' 548 Million in Related-Party Orders

Tosda, an industrial robotics firm, is making its second attempt at a Hong Kong listing shortly after its first application lapsed. The company has undergone a significant strategic shift, pivoting away from its lower-margin intelligent energy and environmental management system (IEEMS) business to focus on core robotics and machinery. This "revenue-reduction, profit-growth" strategy saw revenue nearly halve from 2022 to 2025, but resulted in a sharp turnaround to profitability, with a 1147% year-on-year increase in Q1 2026 net profit. This restructuring involved spinning off the IEEMS business, leading to a substantial jump in related-party transactions. Following the departure of a former executive, two newly associated companies are expected to handle up to 548 million RMB worth of IEEMS orders in 2026, with Tosda acting as a platform charging a 3% management fee. While profitability has improved, several financial concerns remain. Accounts receivable collection cycles have lengthened, inventory—particularly for robots—has surged significantly despite falling revenue, and the company faces challenges in overseas market expansion. Notably, overseas business currently has a lower gross margin than domestic operations. The company was also recently reprimanded by regulators for accounting inaccuracies related to revenue recognition and bad debt provisions. The success of its strategic pivot and its second listing attempt will depend on managing these financial risks, the transparency of its new business model, and the long-term performance of its core robotics segment.

marsbitHace 36 min(s)

Before the Second Attempt at Hong Kong IPO, Topstar 'Hands Out' 548 Million in Related-Party Orders

marsbitHace 36 min(s)

Is the AI Bull Market in Jeopardy? Philadelphia Semiconductor Index Breaks Below Key Support at 11,200 Points

The Philadelphia Semiconductor Index (SOX) faces a critical technical and fundamental test. It recently breached a key short-term support level around 11,200 points—a level that held in mid-July—and closed below it. Technical indicators have deteriorated, with the 21-day moving average crossing below the 50-day, signaling bearish momentum. Should the 11,200 support fail, the next major support is the 200-day moving average. The sell-off, which saw memory chip stocks like Micron and Western Digital plunge over 10%, stems from growing concerns about the cyclicality and quality of AI demand. Market participants question the sustainability of the AI capital expenditure boom, highlighted by divergences between the capital expenditures of mega-cap tech firms and semiconductor index performance. However, some positive structural shifts are emerging. Institutional positioning has normalized, unwinding the previously crowded "long semiconductors, short Mag 7" trade, leaving cleaner positioning. Seasonal tailwinds are also approaching, as the NDX historically performs well after this period, potentially supporting a rebound if retail inflows resume. The core question is whether the SOX can hold the 11,200 support. A failure could trigger further declines toward the 200-day moving average, while a successful defense, combined with lighter positioning and seasonal support, could offer a recovery window for the sector.

marsbitHace 36 min(s)

Is the AI Bull Market in Jeopardy? Philadelphia Semiconductor Index Breaks Below Key Support at 11,200 Points

marsbitHace 36 min(s)

Trading

Spot