Bitcoin accumulation accelerates. Whales bought 0.29% of total BTC supply in 7 days

Bitcoin accumulation accelerates. Whales bought 0.29% of total BTC supply in 7 days
Bitcoin whales bought 59,000 Bitcoins in a week under $60,000 apiece.

Bitcoin trading below $60,000 for more than a week allowed some whales to accumulate more assets. On-chain data suggests that long-term holders and whales bought 0.29% of the total supply in just a week.

Bitcoin accumulation

Since its peak at $69,000 on 10 November, the price of Bitcoin has been falling, losing around 20% of its value, and just a week later fell below $56,000. 

While this steep price drop over a relatively short period of time may spook novice investors, this is not the case for long-term hodlers (LTHs) and whales.

The latter group, usually thought of as entities containing between 100 and 10,000 BTC, were on a buying spree, as indicated by analyst firm Santiment. They took advantage of the opportunity to buy Bitcoin at lower prices (compared to 15 days ago) and amassed around 59,000 coins in just a week in which the BTC price remained below $60,000.

Some of these purchases most likely came from the third largest whale. An anonymous entity bought about $375 million worth of BTC in eleven days.

It is worth noting that whales tend to buy more coins when the asset price has cooled after a significant rise. This was the case in early July and September when their holdings fell. However, when they started accumulating, the price of BTC also went up.

As CryptoPotato recently pointed out, the number of Bitcoin withdrawals from exchanges began to rise. More than 23,000 coins were moved to cold wallets. 

26-11-2021, Mr.Advice TEAM


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