Some whales in the cryptocurrency world do not care at all whether Bitcoin has fallen or fallen. While these whales continue with the buy HODL mentality, a new analysis states that the Whales are breaking records.
While the Bitcoin price has experienced a strong sell-off in the last few weeks, whales are making the most of this opportunity. Bitcoin wallets holding more than 10K+ BTC have accumulated the most in the past six weeks, pushing their holdings to six-year highs.
$BTC
Bitcoin Whales Are Not Stopping
According to on-chain data provider Santiment, #Bitcoin whales have benefited significantly from $BTC price volatility over the past few weeks. These large addresses, mostly belonging to exchange liquidity providers, accumulated an additional 212,450 BTC during this period. As a result, they have increased their total Bitcoin holdings over the last few weeks.
This suggests that despite the current sell-off by Bitcoin miners, whale groups are trying to absorb some of the supply. However, it cannot be said that mega whales accumulate BTC alone. Bitcoin small whale groups of 10+ coins are also absorbing the supply.
According to on-chain data provider Santiment, wallets holding more than 10 Bitcoins reached an all-time high, accumulating a total of 16.17 million BTC. This accumulation shows increasing confidence in the future of Bitcoin among these larger holders.
After facing heavy selling pressure on Thursday, Bitcoin price has rebounded once again. As of press time, BTC price has jumped 4.5% from yesterday's low of $53,500 and is now trading at $56,500 with a market cap of $1.114 trillion. The recent Bitcoin rally is mainly due to strong inflows into spot Bitcoin ETFs on Friday.
After facing some minor breakouts earlier this week, Bitcoin #ETF 's recorded $143 million in inflows on Friday, with Fidelity leading the show. These inflows clearly show that institutions are grabbing supply amid the current market decline.
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