Bitcoin addresses with 100-10K coins buy $726 million BTC
- Bitcoin wallet addresses with 100 to 10,000 BTC bought an additional $726 million in coins in 9 days.
- The shark and whale activity highlights the continued accumulation of BTC as the market navigates the recent FTX-driven crash.
- Bitcoin price rose to highs of $18,385 on Tuesday, before retreating late Wednesday following a rate hike by the US Federal Reserve.
Bitcoin surged well above $18,000 this week as the crypto market moved higher on a glut in the risk asset market over cooling inflation in the US.
The flagship cryptocurrency hit highs of $18,385 ahead of Wednesday’s 50% interest rate hike by the US Federal Reserve.
While Fed Chair Jerome Powell’s hawkish remarks helped dampen sentiment to push BTC back below $18k, the crypto remains poised for fresh upside given the bull’s hold of prices above the key support base established in the wake of the FTX implosion.
Whales continue to buy the dip
Bitcoin’s pullback from $18,385 suggests that bulls may have to rely on the buffer of $17,200 – the immediate resistance level that is likely to act as a key support base. Below that, bears may target $15,700.
Despite the rejection at intraday highs above $18,300 seen this week, its likely bitcoin will try to retest the price level given the strong fundamental outlook.
According to o-chain data shared of market platform Santiment, several bitcoin sharks and whales have acquired coins in the past week. This happened in the midst of the FTX fallout, and as the firm’s data shows, addresses with 100 to 10,000 BTC have added over $726 million BTC in just nine days.
🤯 Breaking: #Bitcoinaddresses that hold between 100 and 10,000 $BTC has bought in 726 million dollars $BTC the last 9 days. Meanwhile, #stablecoin assets which USD USD, $BUSD& $DAI can also be bought quickly. This is a recipe for good things. Read all about it. 👉 pic.twitter.com/lOKPAfzZNO
— Santiment (@santimentfeed) 15 December 2022
About 15,900 wallet addresses in this category hold 8.5 million bitcoins worth over $149 billion (in today’s prices).
In particular, it adds to the accumulation since the Bitcoin price registered a sharp decline on news of FTX’s implosion in early November.
In addition to whales and sharks, shrimp and crabs have also taken some alpha. The two wallet cohorts have been aggressively buying BTC. As we highlighted here, the group has added more than 96,000 BTC worth over $1.6 billion in 30 days.
