The largest cryptocurrency holders have reduced their bitcoin holdings to a three-year low

According to a report by Santiment, bitcoin whales' reserves have fallen to a three-month low, as the largest investors have been the most active sellers of the cryptocurrency over the past few months.

The volume of digital assets held by addresses with a balance of 100 to 10,000 BTC has fallen to 45.6% of the total supply of bitcoin. Only last week, whales changed their tactics and began to return to cold storage of BTC. At the same time, small and medium-sized investors have been buying coins since spring, taking advantage of the market collapse.

Researchers have found that wallets holding 0.1 to 10 bitcoins have accumulated a record amount of cryptocurrency. Currently, they control almost 16% of the total BTC turnover.

There has also been a sharp decline in the volume of investments in stablecoins. Investments in digital currencies pegged to fiat money fell to their lowest level in 2022.

Bitcoin whales are following the Fed’s interest rate hikes to buy BTC at the lowest price. Thus, in late September, right after the Fed announced a 75 basis point interest rate hike, bitcoin whales increased their BTC holdings by more than $ 3 billion.