Whales hoard $726 million in Bitcoin, report shows
Bitcoin and the crypto market have seen most crypto prices in the red lately, with little hope of an uptrend, at least based on charts. Recent weeks have seen growing fear and doubt about the asset class.
Despite the recent trend in the market, the primary crypto-asset, Bitcoin, is registering an increase in whale transactions. The big shots have amassed more BTC in the past fortnight, valued at hundreds of millions of dollars.
Bitcoin Gets Massive Whale Accumulation
According to data from Sentiment, a crypto analytics firm, whales have amassed several Bitcoin tokens over the past nine days. It noted that the value of the crypto is worth over $726 million at current market rates.
Santiment reported that Bitcoin addresses with between 100 and 10,000 BTC tokens are still buying more. Furthermore, the firm mentioned that these addresses had witnessed rapid growth during the three weeks.
The analytics company cited that around 159 new addresses have held between 100 and 10,000 BTC in the past three weeks. According to the data, this is the fastest growth such addresses have experienced in 10 months.
A fluctuation in addresses may be linked to FUD (fear, uncertainty and doubt) caused by the ongoing Russia-Ukraine war.
At the time of writing, Bitcoin is trading at $16,745. The market capitalization is $326.65 billion, and the dominance over altcoins is 39.64%.
Whales choose the best Stablecoins
The research firm noted that stablecoins had also caught the whales’ interest. As a result, they buy the best stablecoins, which include USDT, DAI, and BUSD.
Santiment mentioned that the whales’ addresses that picked on Tether (USDT) and Binance USD (BUSD) have coins worth between $100,000 and $10 million. That brought a total buying of about $922.4 million for the two stablecoins of the whales over the past three days.
On separate records, Tether’s top addresses have amassed a combined value of $817.5 million USDT coins. The deal represents more than a 7% increase in their holdings before December 10, 2022.
For Binance USD (BUSD), the key addresses collected a combined value of $104.9 million for the coin. This is a significant purchasing power in the last three days. Also, it represents a 9% increase in their holdings before December 10, 2022.
