Crypto analytics platform Santiment says Bitcoin (BTC) whales took advantage of the market downturn to accumulate BTC.
Santiment says that since April, Bitcoin whales have added BTC worth a combined $3.5 billion to their holdings.
According to the crypto analytics platform, the level of accumulation by whales holding between 1,000 to 10,000 BTC has now hit a seven-month high.
“Bitcoin’s whales have been busy while the crowd watched prices dwindle these past two months. Now back above $27,000 once again, it’s far from coincidence that wallets holding 1,000 to 10,000 BTC have accumulated a combined $3.5 billion since the first week of April.”
In an Insights blog post, the analytics firm also says that the percentage of Bitcoin on crypto exchanges is currently at 5.74%, after a transfer of 115,000 BTC by an unidentified address and another 15,000 BTC by Binance.
“Earlier today, Binance announced that they would be moving a large amount of funds to a new address, as an attempt to give transparency to their community. Interestingly, though, there were only 15,000 BTC moved into this address they disclosed.
The much larger transfer, as we see in the [screenshotted] Tweets [below], occurred with the sending of $3.47 billion in Bitcoin to address 39884E3j6KZj82FK4vcCrkUvWYL5MQaS3v. This one was a much bigger deal, as it was the 2nd largest individual move of the year on the BTC network.
Also, you can see what this did to the supply on exchanges, moving BTC all the way down to 5.74% on exchanges. Take this with a grain of sale, though. As this new address where the coins were sent to may end up being an exchange addresses that just hasn’t received that attribution yet.”
Generated Image: Midjourney