Large holders of the flagship cryptocurrency Bitcoin ($BTC) accumulated a total o $4.4 billion worth of the cryptocurrency when it started to rise from the $16,000 level seen last month to its current $21,000 mark.
According to data from on-chain analytics firm Santiment, Bitcoin shark addresses holding between 10 and 100 $BTC were the first to start accumulating, adding 105,600 coins, worth over $2.2 billion, in just 10 weeks and halting $BTC’s decline at $16,000.
Smaller Bitcoin whales then added around 67,000 $BTC, worth over $1.4 billion, over an eight-week period as the price of the cryptocurrency rebounded to trade at $18,000. Then, larger whales accumulated 37,100 $BTC, at the time of writing worth nearly $800 million, in just 10 days to push the cryptocurrency’s price to $21,000.
Santiment clarified that the figures represent net lows, meaning they include $BTC sales these large cryptocurrency holders made over these specific periods. As CryptoGlobe reported Robert Kiyosaki, the author of the popular personal finance book series “Rich Dad Poor Dad,” has recently reiterated his bullishness on Bitcoin.
The author criticized the Federal Reserve’s response to economic fallout in the past and urged his followers to protect themselves from high inflation by investing in assets such as silver, gold, and Bitcoin. He recently commented on the recent surge in Bitcoin’s price, calling it “good news for those that know inflation is permanent.”
Notably, around 13% pf Bitcoin’s supply has returned to a state of profit as of January 13, in a move that “helps to confirm that a large volume of $BTC was acquired between $16.5k and $18.2k.” The accumulation could have a significant impact on the cryptocurrency’s future price performance, as the area could now turn into a strong support zone in which demand far outweighs supply.
Image Credit
Featured Image via Pixabay
