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$5 Billion Buy Spree of Bitcoin by Mega Whales Spotted, What Happened?

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Sat, 17/02/2024 - 13:13
$5 Billion Buy Spree of Bitcoin by Mega Whales Spotted, What Happened?
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On-chain analytics firm Santiment identifies an intriguing trend among Bitcoin whales, primarily those with 1,000 to 10,000 BTC and those with 100 to 1,000 BTC. It also revealed a significant increase in Bitcoin whale activity, which has reached its highest level in 20 months, as large whales accumulate.

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Furthermore, Santiment highlighted that the most recent five-day period has seen the highest number of transactions exceeding $100,000 in value since mid-2022. Notably, the 74,900 separate 100,000 transactions in the last five-day period are the highest since June 2022.

This demonstrates a clear increase in interest from key stakeholders following Bitcoin's crossing above $50,000 this week, Santiment stated.

According to Santiment, independent of the impressive volume of Bitcoin ETFs, there has been a distinct flip in the amount of BTC supply held by different-sized wallets.

In 2024 alone, wallets with 1,000 to 10,000 BTC accumulated 248,900 coins, while those with 100 to 1,000 BTC dumped 151,200 coins.

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In USD terms, Bitcoin large whales owning 1,000 to 10,000 BTC have added $12.95 billion worth of BTC, while 100-1,000 BTC wallets reduced their stash by $7.89 billion worth of BTC in 2024.

Santiment states that the net difference between these smaller and larger wallets typically associated with the highest tiers of active whales indicates an estimated $5.06 billion in Bitcoin accumulation by large BTC wallets thus far this year.

In summary, Bitcoin holders with 100–10,000 BTC have added $5.06 billion in BTC this year.

Bitcoin rocketed to a more than two-year high on Thursday, bringing its market capitalization back above $1 trillion as the growing popularity of U.S. spot Bitcoin ETFs boosted investor confidence.

The flagship cryptocurrency was last up 0.1% at $51,761, according to CoinMarketCap data. Earlier this week, BTC reached a high of $52,884, the highest level since December 2021.

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