Bitcoin and the crypto market have been of late seeing most prices of crypto in red, with little hope for an uptrend, at least based on charts. The past few weeks have seen growing fear and doubt about the asset class.

However, despite the recent trend in the market, the primary crypto asset, Bitcoin, is recording an increase in whale transactions. The big shots have gathered more BTC in the past fortnight, valued at hundreds of millions of dollars.

Bitcoin Gets Massive Whale Accumulation

According to data from Santiment, a crypto analytics firm, whales have accumulated more Bitcoin tokens over the past nine days. It noted that the value of the crypto is worth over $726 million in the current market exchange rate.

Santiment reported that Bitcoin’s addresses holding between 100 to 10,000 BTC tokens are still purchasing more. Furthermore, the firm mentioned that these addresses had witnessed rapid growth over the three weeks.

The analytics company cited that about 159 new addresses have been holding between 100 to 10,000 BTC over the last three weeks. According to the data, this is the fastest growth such addresses have experienced in 10 months.

A swing in the addresses could be linked to FUD (fear, uncertainty and doubt) brought about by the ongoing Russia-Ukraine war.

At the time of writing, Bitcoin is trading at $16,745. Its market cap is $326.65 billion, and its dominance over altcoins is 39.64%.

Whales Pick Top Stablecoins

The analytics firm noted that stablecoins had also caught the whales’ interest. As a result, they are buying the top stablecoins, which include USDT, DAI, and BUSD.

Santiment mentioned that the whales’ addresses that picked on Tether (USDT) and Binance USD (BUSD) have coins worth between $100,000 and $10 million. It gave a combined purchase of about $922.4 million for the two stablecoins by the whales within the past three days.

On separate records, Tether’s top addresses have accumulated a collective value of $817.5 million USDT coins. The deal represents more than a 7% surge in their holdings before December 10, 2022.

For Binance USD (BUSD), the key addresses accumulated a collective value of $104.9 million for the coin. This is a significant buying power within the past three days. Moreover, it represents a 9% increase in their holdings before December 10, 2022.

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Filed under: Bitcoin - @ December 18, 2022 11:57 am