As bulls and bears continue to fight over the price trend for Bitcoin (BTC), the flagship decentralized finance (DeFi) asset has been recording increased ‘hodling’ behavior by its whales and sharks, but these users have nonetheless grown their holdings by a massive amount over the past two months.
Specifically, cryptocurrency wallets holding between 10 and 10,000 BTC were holding steady during the final days of May, but their coffers have still grown larger by 93,000 BTC during the last seven weeks, as per the data presented by crypto analytics platform Santiment on May 29.
Careful accumulation
According to the platform’s team, these accumulations have taken place after Bitcoin prices started to decline from their local top in mid-April, and, as of May 29, the percentage of BTC held by these users stood at 66.75%, compared to 66.40% around April 12.
At the same time, as the Bitcoin price has fluctuated between $26,000 and $30,000 over the past month, the BTC sharks and whales (the largest investors in the crypto market) have noticed the volatility trend and appeared “to be staying cautious.”
