Bitcoin and the cryptocurrency market of late have seen most cryptocurrency prices in the red, with little hope of an uptrend, at least based on the charts. The past few weeks have seen fear and doubt grow over the asset class.
However, despite the recent trend in the market, the main crypto asset Bitcoin is seeing an increase in whale transactions. Bigwigs have amassed more BTC in the past two weeks, worth hundreds of millions of dollars.
Bitcoin Gets a Massive Whale Accumulation
According to data from holyday, a cryptanalysis company, whales have accumulated more Bitcoin tokens in the last nine days. He noted that the value of the crypto is over $726 million at current market exchange rates.
Santiment reported that Bitcoin addresses containing between 100 and 10,000 BTC tokens are still buying more. In addition, the firm mentioned that these addresses had experienced rapid growth during the three weeks.
The analytics company cited that around 159 new addresses have held between 100 and 10,000 BTC over the past three weeks. According to the data, this is the fastest growth such addresses have experienced in 10 months.
A change in directions could be related to FUD (Fear, Uncertainty, and Doubt) triggered by the ongoing war between Russia and Ukraine.
At the time of writing, Bitcoin is trading at $16,745. Its market capitalization is $326.65 billion and its dominance over altcoins is 39.64%.
Bitcoin falls below $17,000 l BTCUSDT on Tradingview.com
Whales choose the best stablecoins
The analytics firm noted that stablecoins had also caught the interest of whales. As a result, they are buying all the major stablecoins, including USDT, DAI, and BUSD.
Santiment mentioned that the whale addresses that Tether (USDT) and Binance USD (BUSD) chose have coins worth between $100,000 and $10 million. She gave a combined buy of around $922.4 million for the two stablecoins by the whales in the last three days.
In separate records, the top Tether addresses have accumulated a collective value of $817.5 million USDT coins. The deal represents a more than 7% increase in their holdings by December 10, 2022.
For Binance USD (BUSD), the key addresses accumulated a collective value of $104.9 million for the coin. This is significant buying power in the last three days. In addition, it represents a 9% increase in their holdings before December 10, 2022.
This post Whales Accumulate $726 Million in Bitcoin, According to Report
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