đđBitcoin Whales Increase BTC Holds Amid Market Fluctuations, Signaling Long-Term Confidenceđđ
The last three months have seen great fluctuations in the cryptocurrency market, and many investors either made losses on their altcoins or withdrew from the market. Amidst these fluctuations, the activities of cryptocurrency whales, especially those holding Bitcoin, continue to be strong and evident. Crypto analyst CryptoRand has provided valuable insight into these whale movements by analyzing Santiment data.
Increase in Bitcoin Accumulation Among Whales
According to current data, a significant increase is observed in the number of wallets holding 10 or more BTC. As of July 1, 2024, the total amount of Bitcoin in these wallets has increased to 16.17 million BTC. This represents an increase of 1.07% in the last six months. This data shows that whales are constantly increasing their BTC accumulation despite the volatile nature of the market.
According to CryptoRand's analysis, there has been a significant decrease in wallets holding between 100,000 and 10,000,000 stablecoins. In the last six months, USDT amounts decreased by 5.37%, while USDC amounts decreased by 1.99%. This trend suggests that large holders are converting their stablecoin holdings into Bitcoin and see BTC as a more promising investment.
The fact that whales have steadily increased their Bitcoin portfolio reflects their confidence in Bitcoin. At the same time, the decline in stablecoin holdings signals a shift in investment preferences away from stablecoins and towards Bitcoin. Continuous accumulation of whales may increase the expectation of upward movements in Bitcoin prices.
Whales withdrawing their assets from the stock markets indicates long-term investment strategies and significant returns that can be achieved in the future.
