- Bitcoin sharks and whales, holding between 10 and 10,000 BTC have collectively accumulated $821.5 million worth of the asset.
- During the recent BTC price drop below $20,000, large wallet investors on Bitcoin network started to “buy the dip.”
- Bitcoin price is close to the psychological level of $20,000, BTC is trading at $19,963 at press time.
Large wallet holders on the Bitcoin network are scooping up BTC after the asset’s drop below the $20,000. Despite the uncertainty among crypto market participants whales continued their BTC accumulation, implying confidence in Bitcoin recovery.
Also read: Will Circle’s stablecoin suffer same fate as UST: Binance and Coinbase react to USDC depeg
Bitcoin accumulation by sharks and whales continues
Based on data from crypto intelligence tracker Santiment, Bitcoin network’s large wallet investors, its shark and whales have continued BTC accumulation. Analysts at Santiment noted that wallet addresses holding between 10 to 10,000 BTC have collectively scooped up $821.5 million in Bitcoin.
The recent mid-sized market crash has triggered Fear, Uncertainty and Doubt (FUD) among crypto market participants. Despite Bitcoin price drop below $20,000, whales continued BTC accumulation, implying confidence in the asset’s recovery.
Bitcoin accumulation by sharks and whales
The largest asset by market capitalization found support below $20,000 at the $19,000 level. Based on data from IntoTheBlock, a whopping 474,000 BTC worth $9.5 billion was purchased at $19,000.
Bitcoin price finds strong support at $19,000
This makes it a concentrated buying zone, where buyers step up when prices hover near the psychological barrier of $20,000.
Bitcoin network is in good health, the recent dip is not isolated to BTC
Technical experts at ByteTree argue that the recent decline in Bitcoin price is not isolated to BTC. It is a marketwide correction in response to inflationary pressures and tumultuous events relating to crypto-friendly banks.
Bitcoin transaction count
As seen in the chart above, the BTC on-chain transaction count has materially improved since the start of the year, while on-chain fees show a similar improvement. The overall health and miner revenue generation in Bitcoin is steady and this points at the possibility of a recovery in the largest cryptocurrency by market capitalization.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.