• Bitcoin whales have been accumulating over 20,000 BTC in the past two days.
• The total holdings of whales reached a value of over 3.88 million BTC.
• Bitcoin trading price has declined by more than 3% in the last 24 hours.
Bitcoin Whales Accumulate 20,000 BTC
Bitcoin whales have been accumulating over 20,000 BTC in the past two days, with their total holdings reaching a value of over 3.88 million BTC. This is equal to 20.7% of the entire circulating supply of Bitcoin, making them a major part of the cryptocurrency’s ecosystem and potentially having a noticeable impact on its price through their movements.
Decline In Bitcoin Price
The bullish momentum behind Bitcoin was broken after it dropped from $30K mark to around $29,000 and saw more than 3% decline in its trading price in the last 24 hours according to CoinMarketCap data. This sell-off was seen as an accumulation period for whale addresses holding 100-1000 BTC as reported by blockchain analytics firm Santiment.
$585 Million Worth Of Bitcoins Added To Wallets
Investors added around 20,000 bitcoins worth $585 million to their combined wallets in just two days which could be one reason for the dip in prices which also indicates that whales are getting ready for another bull run soon with this accumulation move and may affect Bitcoin’s market capitalization further when they eventually decide to dump or take profits off their investments.
Impact On Market Capitalization
Whales hold a significant portion of bitcoin’s supply which can potentially cause noticeable impact on its market capitalization through their movements and decisions regarding buying/selling/holding etc., As per reports from Santiment this accumulation period could mean that they are preparing for another bull run soon which will ultimately result into higher market capitalization once they decide to dump or take profits off their investments at some point later down the line when conditions become favorable again..
Conclusion
The current decline in pricing due to whale sell-offs is normal but what is important right now is how these investors will behave when conditions become favorable again and whether it will lead to a new bull run like we saw during 2020 or not? Only time will tell but it seems like these whales are already preparing themselves for the next wave if it happens any time soon with such huge accumulation moves in these few days itself!