Crypto analytics platform Santiment, bitcoin He says (BTC) whales are taking advantage of the market downturn to accumulate BTC.
Santiment says that since April, Bitcoin whales have added a total of $3.5 billion worth of BTC to their holdings. says.
According to the crypto analytics platform, the accumulation level of whales holding between 1,000 and 10,000 BTC has now reached a seven-month high.
“Bitcoin whales have been busy as the crowd has watched prices drop for the past two months. It is no coincidence that wallets with 1,000 to 10,000 BTC, now back above $27,000, have accumulated a total of $3.5 billion since the first week of April.”
NEWS CONTINUES BELOW
In an Insights blog post, the analytics firm also stated that after 115,000 BTC was transferred by an unidentified address and another 15,000 BTC by Binance, crypto- says the percentage of Bitcoin on its exchanges is currently 5.74%.
“Earlier today Binanceannounced that they will move a large amount of funds to a new address in order to bring transparency to their communities. However, interestingly, only 15,000 BTC was moved to this address they announced.
As we saw in the screenshots, the much larger transfer was made by sending $3.47 billion worth of Bitcoin to 39884E3j6KZj82FK4vcCrkUvWYL5MQaS3v. This was a much bigger event as it was the 2nd largest individual move of the year on the BTC network.
You can also see what this has done to the supply on exchanges, reducing BTC by as much as 5.74% on exchanges. Take it with a sell grain, though. This new address to which the coins are sent may be an exchange address that has not yet received this attribution.”
