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Bitcoin whales accumulated $3.5 billion worth of BTC amid market turndown

Bitcoin whales accumulated $3.5 billion worth of BTC amid market turndown

As the cryptocurrency market continues trying to recover from the downturn it has been going through in recent weeks, the largest holders of Bitcoin (BTC) have been taking the opportunity to increase their holdings while the prices remained relatively low.

Indeed, Bitcoin whales, or crypto wallets holding between 1,000 and 10,000 BTC, have collectively amassed around 131,600 BTC (presently worth over $3.5 billion) in the last 11 weeks, according to the data shared by blockchain and crypto analytics platform Santiment on June 20.

Bitcoin whales activity. Source: Santiment

This way, these Bitcoin whales have brought back their collective accumulation supply levels to seven-week highs, soaring from around 4.51 million BTC in early April to close to the 4.65 million BTC at the time of publication, while during this time, the price of Bitcoin slightly declined and remained relatively stagnant, as the chart suggests.

Notably, a large part of the above accumulation took place in the last week alone, when Bitcoin holders with 1,000 – 10,000 BTC added more than 60,000 BTC to their holdings, worth nearly $1.62 billion, as per the information shared by crypto trading expert Ali Martinez in a tweet published on June 20.

Bitcoin whale activity. Source: Ali Martinez

Bitcoin price analysis

Meanwhile, the flagship decentralized finance (DeFi) asset was at press time changing hands at the price of $26,766, indicating an increase of 1.21% in the last 24 hours and a 2.76% gain across the previous seven days, as it tries to reverse the loss of 1.14% on its monthly chart.

Bitcoin 7-day price chart. Source: Finbold

Earlier, Mihai_Iacob, a cryptocurrency analyst and member of the finance and crypto tracking platform TradingView, pointed out that Bitcoin had demonstrated remarkable resilience by effectively maintaining its position, noting that it had ‘held very well’ amid widespread market uncertainty, as Finbold reported on June 18.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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