Bitcoin whales have been accumulating more BTC ever since its price plunged last month. Over the last 25 days, whales accumulated a whopping 90,000 BTC, at press time worth over $350 billion.
According to cryptocurrency analytics firm Santiment, large bitcoin holders with between 100 and 10,000 BTC in their wallets – between $3.9 million and $392 million – started accumulating after BTC’s steep price drop and now account for 48.7% of bitcoin’s supply.
Bitcoin whales’ buying spree placed them at a seven-week high for the amount of BTC they hold, with these addresses now owning over 9.11 million coins – the figure is down a few percentage points from their mid-April high.
As CryptoGlobe reported earlier this month, while whales have been accumulating smaller investors sold their holdings after the sell-off, at a major discount. Per the firm, as of June 9 addresses with 10 or less bitcoin held their smallest amount over the last six months, at 2.65 million BTC.
The price of bitcoin has surged from around $11,000 in October of last year to a new all-time high near $64,000 before it started plunging. The cryptocurrency dropped to a $29,000 low on May 19 before surging to retest $40,000 earlier this month.
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