Santiment, a crypto analytics website, reports that during the last five days, significant cryptocurrency holders bought 47,888 BTC. The total amount equals 0.24% of the available Bitcoin supply.
The fact that the significant accumulation was anticipated by a 13-month Bitcoin dump, with a particularly powerful phase occurring this November and being connected to events involving the FTX exchange, is no less strange. Whales holding within 100 and 10,000 BTC auctioned off 1.36% of the available quantity of the cryptocurrency during the first 3 weeks of the month, claims Santiment.
The amount of recent acquisitions is still far less than what was offered in just November. Given that a “Santa Rally” typically starts in December on the financial markets, this fact raises the possibility that Bitcoin whales have decided to begin accumulating cryptocurrencies.
Whales are likely going to build up their BTC senior roles in the lead-up to the Christmas surge in the hopes that quotes would turn the holiday green. They will then likely distribute those positions during the rally.
Everyone is preparing
Smaller wallets are piling up beside larger ones. – holding from 0.1 to 10 BTC.
According to Glassnode, the number of such addresses achieved some high just a few days ago, as cited by U.Today.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.