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December 5, 2022
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Santiment data shows that Bitcoin whales have acquired 170,000 BTCs in the last 6 weeks

Whales keep accumulating Bitcoin

Data provided by the popular Santiment analysis team shows that large Bitcoin holders (also called whales) continue to buy the main cryptocurrency in the fall to long-term storage, while short-term holders continue to sell BTC, allowing the market to get rid of “ weak hands.”

Whales acquire 170,000 bitcoins

According to a recent tweet from Santiment, BTC whales (with wallets between 100 and 10,000 bitcoins) have been buying BTC since May, when the largest cryptocurrency began to slide from its historic record close to $65,000.

In the last five weeks, they have accumulated another 130,000 bitcoins. Whales have also added another 40,000 BTCs in the last 10 days, making a total of 170,000 BTCs acquired recently.

That’s the equivalent of $6,299.996,000.

As previously reported based on CryptoQuant data, whales with wallets containing between 1,000 and 10,000 BTC have also added Bitcoin to their holdings. These portfolios now contain around 57,000 bitcoins, while short-term holders and miners were selling their coins at the time.

A chart provided by analytics firm Glassnode show that long-term holders continue to accumulate bitcoins, while short-term holders continue to dump their BTCs.

“Bitcoin in search of a higher fund”

Prominent Amsterdam-based cryptocurrency analyst and trader Michael van de Poppe went to Twitter to share his opinion on recent moves made by Bitcoin.

On Monday, July 26, the major cryptocurrency managed to recapture the $40,000 level ahead of the release of Tesla’s Q2 earnings report. This was achieved despite Bloomberg’s negative report of Tether being under criminal investigation again, and in large part thanks to the rumor that giant Amazon is getting ready to start accepting Bitcoin and a few other major cryptocurrencies: Ethereum, ADA and Bitcoin Cash.

However, after Tesla reported an impairment loss of about $23 million because of Elon Musk’s BTC bet and Amazon denied the rumor about the alleged acceptance of Bitcoin and the creation of its own currency , the BTC dropped dramatically.

So far, the biggest cryptocurrency is changing hands for $37,987.

Michael van de Poppe believes this is not strange as the market has just reached a new higher top and is now looking for a higher bottom.

Source: U.Today

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