Whales Go On An Aggressive Buying Spree, Acquiring 20,000 BTC
Due to the recent influx of whales, Bitcoin (BTC) has been in the spotlight, and this movement may be contributing to the cryptocurrency market’s overall growth. BTC has performed well in 2023, as seen by the fact that its price has risen this year by 5.41%.
Whales Keep Accumulating Bitcoin
This week, Bitcoin (BTC) has been trading above $17,000, peaking at $17,493.32. The largest and most well-known cryptocurrency in the world is being actively accumulated by huge bitcoin holders, also referred to as “whales.”
Santiment, a provider of on-chain analytics, found that whales with holdings between 1,000 and 10,000 BTC have been accumulating bitcoin at a faster pace. In particular, these major investors have bought more than 20,000 BTC in the last five days, demonstrating a notable pattern of accumulation.
According to the data, these significant Bitcoin holders have a total of 4.57 million BTC. This sum is 23.7% of the total bitcoins now in circulation, suggesting that this accumulation may have contributed to the recent uptick in the price of bitcoin over the past two days.
Performance of BTC in 2023 So Far
In the year 2023, the price of Bitcoin has increased by 5.41%. Bitcoin offers many traders the chance to make minor profits, and yesterday was reported to have the second-highest ratio of profit to losses in the past year.
Small and medium-sized Bitcoin wallets have made considerable purchases of BTC, according to Santiment. These addresses now have between 0.1 and 100 BTC, an increase of about 9% over the previous six months. One of the most intensive buying cycles in cryptocurrency history, according to the Santiment team.
Additionally, it appears that these investors tend to have confidence in the long-term prospects of Bitcoin and are prepared to hold onto their investments despite brief market volatility, according to the study of the data.
The price of Bitcoin was $17,434.02 at the time this report was produced, up 1.43% over the previous 24 hours of trading.
