Bitcoin Whales Acquire $3.5 Billion Worth Of BTC Despite Market Crash

Key Points:

• Bitcoin wallets holding between 1,000 and 10,000 BTC amassed around 131,600 BTC (presently worth over $3.5 billion) in the last 11 weeks.
• Bitcoin whales brought back their collective accumulation supply levels to seven-week highs, soaring from around 4.51 million BTC in early April to close to the 4.65 million BTC at the time of publication.
• A large part of the above accumulation took place in the last week alone, when Bitcoin holders with 1,000 – 10,000 BTC added more than 60,000 BTC to their holdings, worth nearly $1.62 billion.

As the cryptocurrency market tries to recover from the downturn it has been going through in recent weeks, it is interesting to note that the largest holders of Bitcoin (BTC) have been taking the opportunity to increase their holdings while the prices remained relatively low.

This has been observed in the activities of Bitcoin whales, or crypto wallets holding between 1,000 and 10,000 BTC, who have collectively amassed around 131,600 BTC (presently worth over $3.5 billion) in the last 11 weeks, according to the data shared by blockchain and crypto analytics platform Santiment on June 20.

This trend is quite significant, as these Bitcoin whales have brought back their collective accumulation supply levels to seven-week highs, soaring from around 4.51 million BTC in early April to close to the 4.65 million BTC at the time of publication. Interestingly, during this time, the price of Bitcoin slightly declined and remained relatively stagnant, as the chart suggests.

Large part of the above accumulation took place in the last week alone, when Bitcoin holders with 1,000 – 10,000 BTC added more than 60,000 BTC to their holdings, worth nearly $1.62 billion, as per the information shared by crypto trading expert Ali Martinez in a tweet published on June 20.

This is an interesting development in the world of cryptocurrency, and it remains to be seen how it will impact the market in the coming weeks and months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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