Whales Acting on Bitcoin Bought 71,155 BTC in the Last Six Weeks! Bullish Signal?

While Bitcoin continues to push the $28,000 level, whales continue to buy BTC.

At this point, popular on-chain data provider Santiment said that Bitcoin’s medium and large-sized wallets received 71,155 BTC worth $ 1.95 billion in the last 6 weeks.

Santiment added that this number of BTC is close to the 90,000 BTC held by medium and large-sized whales in November 2021.

“Bitcoin’s mid- and large-sized wallets have accelerated their BTC accumulation, adding 71,155 BTC ($1.95 billion worth) in the last 6 weeks alone.

The total assets of these addresses are only 0.59% away from 15.29 million, or 90 thousand BTC, held in November 2021.”

At this point, experts commenting on whales’ BTC purchase think that this accumulation may be a rising signal for the Bitcoin price.

Bitcoin is trading at $27,732 at the time of writing.

🐳🦈 #Bitcoin‘s mid to large sized wallets have gained steam in accumulating coins, adding 71,155 $BTC ($1.95B) in the past 6 weeks alone. The combined holdings of these addresses are within ~90K $BTC (0.59% away) from their 15.29M held in November, 2021. https://t.co/FL5GaLOkJa pic.twitter.com/c8qK4nqwrc

— Santiment (@santimentfeed) October 5, 2023

*This is not investment advice.