2 November 2024
Bitcoin Whales Acquired over 60K BTC in less than 24 Hours
Despite the recent Crypto bloodbath, Bitcoin whales kept buying BTC and have accumulated the highest in a single day.
On-chain data analysis firm Santiment reported that whales have purchased over 60,000 BTC in one day, making it the biggest daily accumulation in 2021. Bitcoin whales are the big investors and institutions holding between 100 to 10,000 bitcoins in a single address. These addresses currently hold a combined 9.12M bitcoins, i.e. 100K more than one and a half months ago, Santiment reports.
Many retail investors have been panicking as Bitcoin lost more than 50% of its value since mid-April. However, BTC whales considered this a buying opportunity and continued accumulating the crypto asset over the last three months. Addresses holding at least 10,000 BTC bought nearly 90,000 BTC in less than a month.
As per reports, these “uber large” addresses hold half of all the bitcoin in circulation. Despite the Elon Musk-induced volatility and China FUD, Bitcoin whales continued their accumulation phase and added over $3.6 billion worth BTC to their portfolios over the last six weeks.
As expected, Whales’ actions have an immediate effect on the market. The recent 60,000 BTC purchase by whales gave Bitcoin a 5% gain, increasing to the $35,000.
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