Whales Amass $726 Million in Bitcoin, Report Says

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Bitcoin and the crypto market have recently seen most crypto prices in red, with little hope for an uptrend, at least based on the charts. The last few weeks have seen growing fear and doubts about the asset class.

However, despite the recent market trend, the leading crypto asset, Bitcoin, is seeing an increase in whale trades. Bigwigs have collected 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 in the past nine days. He noted that the value of the crypto is worth over $726 million at the current market exchange rate.

Santiment reported that Bitcoin addresses with between 100 and 10,000 BTC tokens always buy more. Additionally, the firm mentioned that these addresses had grown rapidly over the three weeks.

The analytics firm reported that around 159 new addresses held between 100 and 10,000 BTC over the past three weeks. According to the data, this is the fastest growth these addresses have seen in 10 months.

A change in addresses could be related to FUD (fear, uncertainty and doubt) caused by the ongoing Russian-Ukrainian war.

As of this writing, Bitcoin is trading at $16,745. Its market capitalization is $326.65 billion and its altcoin dominance is 39.64%.

Bitcoin Slips Below $17,000 l BTCUSDT on Tradingview.comWhales Pick Top Stablecoins

The analytics company noted that stablecoins have also attracted interest from whales. As a result, they buy the best stablecoins, which include USDT, DAI, and BUSD.

Santiment mentioned that chosen whale addresses on Tether (USDT) and Binance USD (BUSD) have coins worth between $100,000 and $10 million. It gave a combined buy of around $922.4 million for the two stablecoins by whales over the past three days.

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

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

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