As the cryptocurrency market continues to recover from recent downturns, Bitcoin whales, the largest holders of Bitcoin (BTC), have seized the opportunity to increase their holdings while prices remain relatively low.
In the past 11 weeks alone, these influential crypto wallets, holding between 1,000 and 10,000 BTC, have collectively amassed approximately 131,600 BTC, equivalent to over $3.5 billion.
Bitcoin Whales Boost Holdings
According to data from Santiment, a blockchain and crypto analytics platform, Bitcoin whales have significantly increased their holdings over the past 11 weeks.
The total accumulation supply of these whales has reached seven-week highs, rising from around 4.51 million BTC in early April to nearly 4.65 million BTC at the time of writing. This accumulation has occurred during a period of relatively stagnant Bitcoin prices.
Recent Accelerated Accumulation
Notably, a significant portion of the recent accumulation occurred in the last week alone. Bitcoin holders with 1,000 to 10,000 BTC added more than 60,000 BTC to their holdings, worth approximately $1.62 billion. This accelerated accumulation reflects the confidence of these whales in the long-term potential of Bitcoin despite short-term market fluctuations.
Bitcoin’s Current Performance
At the time of writing, Bitcoin’s price stands at $26,766, showing a 1.21% increase in the past 24 hours and a 2.76% gain over the previous seven days.
This positive performance aims to reverse the 1.14% monthly loss. As Bitcoin whales continue to accumulate, their actions can potentially influence the market dynamics and sentiment surrounding BTC.
Market Recovery and Long-Term Outlook
The accumulation by Bitcoin whales amid the market turndown indicates their confidence in the cryptocurrency’s future prospects.
These influential players believe that the current downturn is a temporary setback and an opportunity to accumulate more BTC at relatively lower prices. Their actions reflect a long-term bullish outlook on Bitcoin and its potential to deliver substantial returns.