Bitcoin Whales Accumulate $2.4 Billion in BTC in Days

Bitcoin (BTC) is experiencing a tumultuous season, causing concerns for retail traders. But despite the panic, the biggest Bitcoin whales are increasing their positions.

The whales’ new purchases set a new record for the Bitcoin network. According to data from IntoTheBlock, whales with more than 100,000 BTC increased their holdings by 16%. This surge has taken place over the past 30 days as BTC has receded from the disasters in the US economy.

As the report pointed out, “over 776,000 BTC is held by a total of 5 addresses”. And since the beginning of the year, whales have been on a Bitcoin buying spree.

A report by Santiment noted that over the last 20 weeks whales have accumulated 12.8% in BTC.

“Bitcoin mega whale addresses hold their biggest supply of BTC in a year,” says the Santiment report.

Data from IntoTheBlock shows that, among whales, the largest are adhering to the “buy the dip” strategy. In other words, buy low.

Over the past 30 days, BTC has hit a low of $17,708 and its market cap has dropped below $1 trillion. As a result, retail investor sentiment quickly changed from optimistic to pessimistic.

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But while retail sellers reacted to the FUD and sold in a panic, the whales bought.

“You came to cryptocurrencies because you had no seat at the fiat table,” said one Twitter user.

He criticized retail sellers who are scared and are selling their Bitcoin.

“Now you sell your Bitcoins so that you also have no place at this new table. Genius!” added the user.

Whales have a profound effect on the ecosystem, as the mere reports of whales dumping assets can cause prices to drop.

On the other hand, reports that whales are hoarding BTC could create a shortage, leading to a spike in asset prices.

According to data from BitInfoCharts, the biggest Bitcoin whale is a Binance cold wallet with 252,597 BTC.

Michael Saylor’s MicroStrategy holds over 129,000 BTC after his latest purchase of $191 million worth of BTC.

Other leading Bitcoin holders include publicly traded companies like Tesla, Galaxy Digital Holdings and Square Inc.

The Winklevoss twins Micree Zhan, Chris Larsen and Changpeng Zhao are among the biggest Bitcoin holders.

Also Read: Millionaire Vitalik Buterin Criticizes Cryptocurrency Millionaires

Also Read: Analyst Says Bitcoin Will Drop To $10,000 Even With Recent High

Read also: Chinese newspaper claims that Three Arrows Capital sought loan with Binance

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