Bitcoin Whales and Sharks Make Massive $821 Million BTC Purchase During Market Dip
Despite Bitcoin's value dropping below $20,000, Bitcoin whales and sharks accumulated over $821.5 million worth of BTC during the past week, according to a report by crypto analytics firm Santiment.
A company specializing in crypto analytics has reported that two significant groups of investors have been purchasing Bitcoin (BTC) as its value decreased below $20,000 last week.
Santiment states that addresses holding 10 to 10,000 Bitcoin, commonly referred to as Bitcoin whales and sharks, have obtained 40,557 BTC, valued at $821.5 million, during the past week.
Due to the substantial accumulation of the largest Bitcoin holders, the firm suggests that investors should monitor traditional markets for clues regarding the future of BTC.
According to Santiment, traders have redirected their attention to Bitcoin, disregarding altcoins after the recent downturn, which could indicate a possible reversal in the crypto market.
🐳🦈 #Bitcoin sharks & whales don't appear to be to blame for #crypto's rough week. In fact, addresses holding 10 to 10k $BTC have collectively accumulated $821.5M back during this mid-sized crash. Crypto's correlation with #equities is what to watch. https://t.co/OHZj6rznC1 pic.twitter.com/yfU5MFXapt
— Santiment (@santimentfeed) March 10, 2023
The company warned that a high volume of discussions surrounding Bitcoin, as it is currently occurring, may signal fear and lead to market instability.
Currently, Bitcoin is trading at $22,277, increasing over 8% within the previous 24 hours, with a trading volume of $39.67 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
