$9.6 Billion: Bitcoin Whales Accumulated 220,000 $BTC In Less Than Two Months, Data Shows

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Bitcoin Whales Accumulated
Bitcoin Whales Accumulated

Over the previous seven weeks, large bitcoin ($BTC) whales have amassed an incredible 220,000 coins, worth over $9.6 billion, $9.6 Billion: Bitcoin Whales Accumulated 220,000 $BTC In in the fastest accumulation observed since September 2019.

Bitcoin addresses with a value of $1,000 $BTC or more have been rapidly adding coins since December 23, according to cryptocurrency analytics firm Santiment, amassing more than 1% of the flagship cryptocurrency’s total supply in less than two months.

Mega whales of #Bitcoin have accumulated significantly the past 7 weeks. Addresses with 1,000 $BTC or more have added a combined 220,000 $BTC to their combined wallets since December 23rd, the most rapid accumulation we’ve seen since September, 2019. https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA

Santiment (@santimentfeed) February 8, 2022

It’s worth mentioning that a single address on the blockchain does not always equate to a single entity, as the same entity can generate a huge number of addresses, and one address might hold the funds of multiple entities through custody solutions, for example.

The whale accumulation appears to have begun after the price of BTC fell below $50,000 for the second time in December, and continued to fall to a low of $34,000 before recovering. According to Crypto Compare, BTC is now trading at $43,700 at the time of writing.

In a related tweet, the blockchain analytics firm stated that fears about the COVID-19 pandemic have had a negative impact on bitcoin prices over the last two years, but that they are now clearly receding, indicating additional upside.

Santiment pointed out that Tether’s USDT has seen a drop in daily active addresses to two-year lows, which has traditionally connected with a spike in BTC price.

Conclusion

Bitcoin’s price has lately risen above its 50-day moving average, indicating that it has exited its downtrend and is beginning a new climb.

A moving average is a technical analysis stock indicator that smooths out price data and eliminates the effects of “random, short-term swings” on the price of an asset over a given time frame.

In a letter to clients, The surge, according to Mark Newton of Fundstrat, was a significant breakout that might lead to “additional near-term gains.” “Initial upside objectives lay at $45,000 and then $51,100,” Newton noted.

Earlier this week, JPMorgan Chase analysts led by Nikolaos Panigirtzoglou stated that they believe Bitcoin’s current “fair value” is around $38,000, roughly 12% below its current price.

Read More: How does Avalanche Network (AVAX) work?

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