Despite these turbulent times in the crypto market, a group of Bitcoin behemoths, known colloquially as ‘Bitcoin whales,’ has been making waves. The ebb and flow of Bitcoin’s market value have kept these substantial investors, who have seized the opportunity to acquire more cryptocurrency, leveraging the downturn to their advantage. These savvy investors, who hold wallets containing between 1,000 and 10,000 Bitcoins, have taken the plunge, accumulating approximately 131,600 Bitcoins, an asset valued at over $3.5 billion in the past eleven weeks, according to the data shared by Santiment on June 20.
This activity has brought these whales’ collective accumulation supply levels to seven-week highs. Their holdings surged from around 4.51 million Bitcoins in early April to approximately 4.65 million at the time of reporting. This accumulation occurred amidst relative stagnation and a slight decline in Bitcoin prices.
Amid turbulence, growth
In an impressive display of investment acumen and market timing, a significant portion of this accumulation occurred within the last week. Bitcoin holders within the aforementioned range added more than 60,000 Bitcoins to their portfolios, equating to nearly $1.62 billion.
Simultaneously, Bitcoin is trading at $27,464 at the time of writing. Despite a slight monthly loss of 1.14%, the currency has demonstrated resilience with a 2.76% gain in the past seven days and an increase of 3.44% in the past 24 hours.
In recent weeks, Citadel Securities, Fidelity, Charles Schwab, and Sequoia Capital have backed the launch of a new crypto exchange. Investment management giant Blackrock has filed for a Bitcoin Exchange Traded Fund (ETF), and rumors of Fidelity following suit are making the rounds, also.
These developments suggest that despite the perception of being in a bear phase, the crypto market might be gearing up for a potentially significant shift. The silent roar of the Bitcoin whales and the bold moves by major financial players may be the precursors to a new chapter in the cryptocurrency saga.
