As the cryptocurrency market battles to recover from recent setbacks, the largest holders of Bitcoin (BTC) have seized the opportunity to increase their holdings while prices have remained relatively low.
These Bitcoin whales, wallets holding between 1,000 and 10,000 BTC, have collectively amassed around 131,600 BTC (worth over $3.5 billion) in the past 11 weeks, according to data from Santiment, a blockchain and crypto analytics platform.
This surge in accumulation brings their collective supply levels to a seven-week high, indicating a significant influx of BTC despite the market’s downturn.
The data reveals a notable spike in accumulation by Bitcoin whales, with their holdings rising from around 4.51 million BTC in early April to nearly 4.65 million BTC at present.
This steady increase occurred as Bitcoin’s price slightly declined and remained relatively stagnant over the same period.
Interestingly, the majority of this accumulation occurred in the past week alone, with Bitcoin holders possessing 1,000 to 10,000 BTC adding over 60,000 BTC (worth nearly $1.62 billion) to their portfolios.
While the cryptocurrency market struggles, Bitcoin’s value has shown some resilience. At the time of writing, Bitcoin was trading at $26,766, experiencing a 1.21% increase over the past 24 hours and a 2.76% gain in the previous seven days.
These figures reflect an attempt to reverse the 1.14% monthly loss. Amidst this backdrop, the decentralized finance (DeFi) sector has also witnessed movements, with the flagship DeFi asset striving to regain stability and generate positive momentum.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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