Bitcoin Whales Start Accumulating BTC, Could Factor Into Price Recovery
• Large bitcoin whales have started accumulating BTC once more.
• These investors are adding more than 20,000 BTC to their balances.
• This accumulation could have factored into the recent recovery trend of bitcoin.
Bitcoin whales, major investors with large amounts of BTC, have recently started to accumulate more Bitcoin. This comes at a time when the cryptocurrency market is seeing low prices and low momentum.
The recent trend of accumulation was revealed through the on-chain aggregator Santiment, which showed that whales holding between 1,000-10,000 BTC have increased their holdings by over 20,000 BTC in the last five days. This brings the total of BTC held by these whales to 4.57 million BTC, which is around 23.7% of the total circulating BTC supply at this time.
The current accumulation trend is in stark contrast to the recent trend of low activity from these Bitcoin whales. Recently, it was reported that large whale transactions had fallen to only 19% of total Bitcoin transactions, indicating that these investors were no longer as active as before.
However, this new accumulation trend could indicate a more long-term play on the part of these whales, as they are willing to buy Bitcoin at current levels. This suggests that they may believe that the price of the digital asset has hit its bottom, and is now a good time to start investing.
The accumulation of Bitcoin by whales is an interesting development, and it will be interesting to see how it affects the price of Bitcoin over the coming weeks. If the whales continue to accumulate, this could lead to a further increase in the price of Bitcoin, as more investors may be encouraged to make their own investments.