Bitcoin Accumulation on the Rise Despite Weak Price
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Most cryptocurrency values have recently been in the negative, with little optimism for an increase, at least according to charts, for Bitcoin (BTC) and most other cryptocurrencies. Over the past few weeks, concern and skepticism about the asset class have grown.
The main cryptocurrency asset, Bitcoin, is seeing a spike in whale transactions despite the recent market downturn. In the last two weeks, the bigwigs have acquired additional BTC, worth hundreds of millions of dollars.
Data from the cryptocurrency analytics company Santiment shows that over the last nine days, whales have accumulated more Bitcoin tokens. It stated that at the current market exchange rate, the cryptocurrency is valued at about $726 million.
Bitcoin Whales Taking on More BTC: Santiment
According to Santiment, Bitcoin addresses with between 100 and 10,000 BTC tokens are still making additional purchases. The company also noted that over the previous three weeks, these addresses had shown a tremendous increase.
🤯 Breaking: #Bitcoin‘s addresses holding between 100 to 10,000 $BTC have bought $726m in $BTC the past 9 days. Meanwhile, #stablecoin assets like $USDT, $BUSD, & $DAI are also being bought quickly. This is a recipe for good things. Read all about it. 👉 https://t.co/H0G6oJhWFp pic.twitter.com/lOKPAfzZNO
— Santiment (@santimentfeed) December 15, 2022
According to the analytics firm, during the past three weeks, 159 new addresses have held between 100 and 10,000 BTC. This is the fastest growth such addresses have had in the past 10 months, per the statistics.
FUD (fear, uncertainty, and doubt) brought on by the continuing Russia-Ukraine war may be the cause of a change in the addresses.
As of this writing, the price of Bitcoin is $16,700. With a $326.65 billion market valuation, it has a 39.64% market share over altcoins.
Stablecoins had also piqued the whales’ interest, according to the analytics company. They are consequently investing in the most popular stablecoins, such as USDT, DAI, and BUSD.
According to Santiment, the whale addresses that accumulated Binance USD (BUSD) and Tether (USDT) have coins worth between $100,000 and $10 million. In the last three days, whales bought the two stablecoins for a total of around $922.4 million.
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