According to a report, whales acquire $726 million in Bitcoin
The majority of crypto values have been in the red recently, with little chance for an increase, at least according to the charts. In the last several weeks, worry and uncertainty regarding the asset class have increased.
Nevertheless, despite the current market trend, the leading crypto asset, Bitcoin, is seeing a spike in whale transactions. In the previous two weeks, the elite has amassed additional BTC worth hundreds of millions of dollars.
Whales have amassed more Bitcoin tokens over the previous nine days, according to statistics from the crypto analytics company Santiment. It was stated that the cryptocurrency’s value exceeds $726 million at the current market exchange rate.
According to Santiment, Bitcoin addresses owning between 100 and 10,000 BTC tokens continue to purchase more. In addition, the company noted that these addresses had shown a fast increase over the preceding three weeks.
According to the analytics firm, 159 new addresses have held between 100 and 10,000 BTC in the last three weeks. According to the statistics, this is the quickest rise for these types of addresses in the last ten months.
The continuing Russia-Ukraine conflict may have contributed to FUD (fear, uncertainty, and doubt), which may have led to a change in the number of addresses.
At the time of writing, the price of Bitcoin is $16,745. Its market capitalization is $326.65 billion, and its share of the altcoin market is 39.64%.
The analytics group reported that whales were also interested in stablecoins. Consequently, they purchase the leading stablecoins, such as USDT, DAI, and BUSD.
Santiment revealed that the addresses of whales who choose Tether (USDT) and Binance USD (BUSD) had currencies valued between $100,000 and $10,000,000. The whales purchased over $922,4 million worth of the two stablecoins during the last three days.
On various ledgers, the top Tether addresses have amassed a total of $817,5 million USDT coins. The transaction indicates a greater than 7% increase in their holdings prior to December 10, 2022.
For Binance USD (BUSD), the total value of the coin’s key addresses is $104.9 million. This is a huge increase in purchasing power over the previous three days. In addition, it reflects a 9 percent gain in their holdings prior to December 10, 2022.