Bitcoin Whales Add 64,094 Coins Since Profit-Taking Above $30K on April 11: Santiment

By Tsunami 04/29/23 11:43 AM

In the world of cryptocurrency, Bitcoin whales have always been a topic of fascination. These individuals or entities, who hold large amounts of Bitcoin, can sway the market with their buying or selling activity. Now, according to on-chain analytics firm Santiment, Bitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11.

Santiment reported on Twitter that since April 11, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 BTC have collectively added 64,094 coins back to their bags. This is a significant increase in accumulation, considering that Bitcoin’s price has been on a downward trajectory in recent weeks.

At the time of writing, Bitcoin was trading above $29,000. The lead asset was marginally up in the last 24 hours at $29,301. Bitcoin declined after touching highs of $30,050 on Wednesday. Currently, Bitcoin’s move to regain the $30,000 mark once again has not yielded, as it currently trades in the $28,000 to $29,900 range.

This recent accumulation by Bitcoin whales could signal their belief in the long-term potential of the cryptocurrency, despite its recent price fluctuations. It is not uncommon for whales to accumulate during market dips and corrections, as they view these moments as buying opportunities.

However, it is important to note that Bitcoin whales are not always right in their predictions or actions. In the past, whales have been blamed for market manipulation and their activity has caused significant volatility in the cryptocurrency market.

As the cryptocurrency market continues to evolve and mature, the activity of Bitcoin whales will continue to be closely watched by traders and investors. Whether their accumulation will lead to a significant price increase remains to be seen, but it is clear that they remain an important factor in the cryptocurrency ecosystem.

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