Bitcoin Whales Accumulated $726m In BTC Over Past 9 Days
After 14 months of dumping, BTC whales are at last beginning to accumulate.
According to the mainstream media, social media, and just about any other outlet, bitcoin is dying and will probably sink to new depths and might never recover.
However, according to behaviour analyst platform Santiment, bitcoin is possibly reaching a bottom - perhaps not in price yet, but at least as far as accumulation by whales is concerned.
There are 159 new addresses in only the last 3 weeks that hold between 100 to 10,000 BTC, and it is stated that this is the fastest growth in this particular address amount in the last 10 months.
Santiment also reports that stablecoins such as USDT, BUSD, and DAI are being bought up. “Massive jumps” in the USDT and BUSD wallets that contain from $100k to $10m have been seen.
"Tether's key addresses have collectively accumulated $817.5 million more in buying power in just the past 3 days, a +7% increase to what they were holding before December 10, 2022
Binance USD's key addresses have collectively accumulated $104.9 million more in buying power in just the past 3 days, a +9% increase to what they were holding before December 10, 2022"
The $100k to $10m wallet addresses are key according to Santiment, and they cite the increases as “absolutely massive upswings”. The report ends by saying that “anything can happen with prices” and gives the reasons as the continuing FTX fallout, the Russia/Ukraine conflict, and covid.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.