Mega Bitcoin whales have added 220,000 BTC in the past two months on the downside
On-chain data aggregator Santiment has spread the word about mega Bitcoin whales massively accumulating the flagship cryptocurrency since December.
According to the tweet, these are bitcoin wallets containing 1,000 BTC and above. Over the past seven weeks, their owners have purchased a staggering 220,000 Bitcoins. This amount of the main crypto is equal to $9,668,076,000 in fiat.
The accumulation has been going on since December 23, when Bitcoin traded in the $48,300 area and started falling several days later. Since the start of 2022, BTC has risen from the $48,100 level to the low of $33,500 last seen in May 2021. This is the fastest accumulation since September 2019, according to Santiment.
As of today, Bitcoin price is propelled to $43,943 by CoinMarketCap.
🐳 Mega Whales #Bitcoins have accumulated significantly over the past 7 weeks. Addresses with 1000 $BTC or more added a combined total of 220,000 $BTC to their combined portfolios since December 23, the fastest accumulation we’ve seen since September 2019. https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA
— Santiment (@santimentfeed) February 8, 2022
Earlier this month, data shared by IntoTheBlock suggested that Bitcoin whales holding over 1,000 BTC had entered an active phase of crypto king accumulation. The data agency pointed out that these wallets start buying when the price drops.