Whales are busy buying Bitcoin (BTC) now that the price of the top crypto has dropped from an all-time high of nearly $65,000 to below $40,000.
According to the crypto analytics firm Santiment, Bitcoin addresses holding 100 to 10,000 BTC added a total of 90,000 BTC in the last 25 days – currently valued at $3.38 billion.
The firm says this group of BTC holders now accounts for nearly half of the circulating supply of the benchmark cryptocurrency.
“They now hold a 7-week high of 9.11 million BTC, currently worth a total of $366.89 billion at this time, and 48.7% of the total #Bitcoin supply.”
In addition, Blockchain analytics firm Glassnode says miners that power the network are now holding onto more of their BTC.
Weekly Bitcoin outflows from miner addresses have dropped to about $1.7 million, the lowest over the past five months.
BTC crashed last month after Tesla CEO Elon Musk announced that the electric carmaker suspended Bitcoin payments because of environmental concerns.
Enterprise analytics software firm Microstrategy, which owns about 92,079 BTC, reveals in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to issue and sell additional shares to raise up to $1 billion to buy more Bitcoin.
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