Crypto Whales Make ‘Massive’ Bitcoin; Here’s why it’s important
With the cryptocurrency market still struggling to recover from the lingering effects of the FTX collapse, good things may finally be in sight as crypto whales and sharks return to accumulating Bitcoin (BTC) and stablecoins.
In fact, Bitcoin addresses with between 100 and 10,000 BTC have added $726 million worth of the virgin crypto in the past nine days, while stablecoins like Tether (USDT), Binance USD (BUSD) and Dai (DAI) have between 100,000 and 10 million dollars. is also accumulating intensely, the cryptoanalysis platform Sentiment so on December 15.
What does this mean?
As explained in Santiment’s blog post, there are currently 15,848 Bitcoin addresses with between 100 and 10,000 BTC, with the key whales accounting for 0.0364% of all BTC addresses. With this in mind:
“When the ratio of whale addresses vs. all addresses goes up, it theoretically means that there is more interest in an increase from the kind of traders who are not only millionaires, but who are used to using their capital to get what they want.”
Furthermore, the increasing supply of BTC, USDT, USDC, BUSD and DAI overall, combined with the largest streak of new BTC whale addresses in 10 months, indicates that the whales are finally in accumulation mode instead of dumping.
Finally, as Santiment’s analyst concludes:
“All in all, we have reasons to be excited as we enter the last couple of weeks of 2022. Anything can happen to prices as news continues to break about FTX funds, the Ukraine-Russia conflict continues and covid still persists. But based on fundamentals, these are good signs that crypto is far from dead.”
Bitcoin price analysis
At press time, the decentralized finance (DeFi) flagship was trading at $17,714.78, representing a 0.62% drop on the day, but still a 5.19% gain over the last week and 5.51% the last 30 days.
Meanwhile, Bitcoin’s market capitalization remains at $340.73 billion, maintaining its position as the leading cryptocurrency by this indicator, followed by Ethereum (ETH) at $157.98 billion, which as of CoinMarketCap data retrieved 15 December.
Meanwhile, Robert Kiyosaki, author of the book “Rich Dad Poor Dad,” warned investors to “be suspicious of (…) fake money,” referring to fiat currencies such as the US Dollar, in a chirping comments on the announcement of a Republican investigation into the origins of Covid.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
