Bitcoin whales, which are large entities holding at least 1,000 BTC, have accumulated 84,897 bitcoins or around $2.2bn in the last five weeks, according to Santiment, an on-chain analytics company. When whales last accumulated like this, the price of Bitcoin surged by 34%, the analytics firm said. The relevant indicator, the BTC Supply Distribution, measures the total amount and percentage of the Bitcoin supply that each wallet group in the market is currently holding. While the trend could be a positive sign of the long-term sustainability of the rally, the bullish conviction held by the whales may not immediately translate into prices, Santiment added. At the time of publication, Bitcoin was trading around $26,700, down 2% in the last week.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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