Bitcoin Whales Quietly Accumulate $2 Billion During Recent Dip
According to Santiment data, Bitcoin (BTC) whales are accumulating the cryptocurrency despite its recent price dip.
Santiment reports that investors holding between 100 and 10,000 Bitcoin, collectively known as whales, have added just over 64,000 BTC worth $1,875,819,869 to their stashes since April 11th, when BTC’s price was above $60,000.
According to Santiment, BTC whales have been accumulating the cryptocurrency quietly since taking profits above $30,000 on April 11th. As BTC’s price wavered and dipped slightly, addresses holding 100 to 10,000 BTC have added more coins to their wallets.
Meanwhile, market analytics firm IntoTheBlock has revealed that market participants have sent more than $1 billion in BTC to centralized crypto exchanges over the past week, where the cryptocurrency could potentially be sold on the open market.
Bitcoin recorded over $1B in inflows to centralized exchanges this week, many of these coming shortly after fake rumors of Mt. Gox linked addresses moving fundshttps://t.co/EoYWCNEN2n
— IntoTheBlock (@intotheblock) April 28, 2023
IntoTheBlock notes that crypto exchanges saw a significant uptick in BTC deposits after false rumors emerged that addresses related to the defunct exchange Mt.Gox had started moving funds.
Recently, two long-dormant BTC whales suddenly moved millions of dollars worth of the cryptocurrency. One Satoshi-era whale that had stayed dormant since 2011 abruptly arose and moved $10 million in BTC.
Another previously dormant whale, which had previously transacted in December of 2013, suddenly came to life and transferred over $60 million worth of Bitcoin.
Despite the recent price drop, some analysts believe that the long-term outlook for Bitcoin remains positive.
Currently, BTC is trading at $28,600 after a 2.2% price drop in the past 24 hours.