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Santiment: BTC whales accumulated 40,000 BTC in 10 days

2 min read

TL;DR Breakdown:

  • BTC whales bought about 40,000 BTC within the past ten days and 130,000 BTC in five weeks.
  • BTC reserves on all exchanges are starting to drop once again.

Within ten days, BTC whales have accumulated up to 40,000 BTC, according to recent information from Santiment, a crypto data, and insight platform. 

Since the bear market in May, many short-term holders were seen panic-selling their holdings, as most went underwater (i.e., unrealized loss). During this period, however, BTC whales holding between 100 and 10,000 BTC were buying up from the weak hands, according to Santiment. 

BTC whales are accumulating more BTC

In just the past ten days, BTC whales reportedly accumulated 40,000 BTC, which equals over $1.4 billion in today’s price. These addresses bought a total of 130,000 BTC within the past five weeks. This strong level of accumulation seen with BTC whale addresses has cleared the sell-offs incited by Tesla and the Chinese authorities, says the CIO at Moskovski Capital, Lex Moskovski.

What’s interesting to note is that it was in this period of massive accumulation that BTC shot up to over $39,000 before dropping to today’s price of $38,333. More of this will slowly suck up BTC reserves on exchanges, which is essential to sustain the price of the largest crypto on the uptrend. 

All BTC exchange reserve

BTC reserve on exchanges is starting to drop again, as per CryptoQuant. As of July 20, there were 2.481 million BTC on crypto exchanges. This coincides with the level of BTC accumulation from BTC whales and retail investors. 

Santiment: Bitcoin whales accumulated 40,000 BTC in 10 days 1
All exchange BTC reserve

It remains to be seen if the buying pressure can sustain BTC’s price to over $40,000. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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