According to CryptoPotato: Large-scale Bitcoin investors, also known as whales and sharks, have accumulated over 11,600 BTC between August 17 and now, despite the recent decline in the cryptocurrency market. This activity has been ongoing since BlackRock, the world's largest asset manager, filed to launch a spot Bitcoin ETF in the USA.
Santiment, a cryptocurrency analytics platform, estimated that these investors, holding between 10 and 10,000 BTC, have collectively purchased 11,629 BTC since August 17. At current rates, this stash is worth nearly $308 million.
The data shows that whales have been accumulating BTC not only during bearish periods but also during price rallies. This comes amid a market-wide retracement that began last week, following speculation that SpaceX might have sold its remaining BTC holdings. The primary cryptocurrency dropped by over $3,000 to a new two-month low of $25,300, with some altcoins experiencing even greater losses.
In addition to this recent "buy-the-dip" moment, whales and sharks have demonstrated an increased appetite for the asset, particularly since BlackRock's filing to introduce a spot BTC ETF in the United States. Between June 17 (the day after the asset manager announced its intention to introduce the financial product) and July 10, these investors purchased over $2 billion worth of bitcoin.
