“Whales” Acquired Cryptocurrency for $ 108 Million
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Large investors took advantage of the decline in the price of bitcoin to buy when its price dropped to $ 8600
Large investors used the recent depreciation of bitcoin from $ 9,500 to $ 8,600 to accumulate cryptocurrency. Since May 20, 12 thousand BTC have been received in “whale” wallets, which at the current rate is about $ 108 million. The data was published by the analytical service Santiment in its Twitter account.
1/ Are $BTC whales back to accumulating? 🤔
Since the start of the year, these addresses have shown a pic.twitter.com/jWOLuKbnwA
— Santiment (@santimentfeed) May 26, 2020
«Since the moment the Bitcoin rate fell below $ 9,500 on May 20, addresses storing 100 or more BTCs have added another 12 thousand BTCs to their savings – more than $ 108 million at the current price», — analysts wrote.
They noted that major players replenish bitcoin during a fall in its price, and when it rises, they sell it. For example, on March 12-13, when the cryptocurrency rate dropped to $ 3800, investors with a balance of 100 BTC or more bought coins worth $ 500 million.
Most of them were sold as the price of the main digital asset increased to $ 8,000. However, then, when bitcoin continued to go up to $ 10,000, major players resumed cryptocurrency purchases.
Retail Investors Also Began to Accumulate Cryptocurrency
Yesterday, May 25, the number of addresses containing at least 0.01 BTC, which is about $ 88 at the current exchange rate, reached a historic high of around 8.47 million. At the same time, the number of wallets with a balance set a new record of 3.05 million at 0.1 BTC ($ 880).
The number of addresses with a small amount of cryptocurrency began to increase after May 11, when a halving took place on the bitcoin network. This is comparable to the expectations of small investors of a strong rise in the price of BTC, as happened in 2016. In the first month after the previous reduction in the coin mining reward, its price fell by 30% and then went into a phase of long-term growth from around $ 500.
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