- When whales start buying, it’s a good sign since they have a long-term view.
- At its current price of $26,799, Bitcoin is demonstrating steady growth.
Over the last two months, significant Bitcoin holders have been active in the market, buying up Bitcoin at a rapid pace. Despite what may seem like a recent decline in the value of BTC, large Bitcoin holders, or “whales,” have collected almost $3.5 billion in cryptocurrency since early April.
Santiment, a market intelligence tool, reports that Bitcoin whales have been buying up Bitcoin at a rapid pace despite the recent price drop. There has been a massive $3.5 billion infusion into wallets that store 1,000 to 10,000 BTC since the first week of April.
🐳 #Bitcoin's whales have been busy while the crowd watched prices dwindle these past two months. Now back above $27k once again, it's far from coincidence that wallets holding 1K to 10K $BTC have accumulated a combined $3.5B since the first week of April. https://t.co/LUEaQLeXTy pic.twitter.com/z8U5tCa9OQ
— Santiment (@santimentfeed) June 20, 2023
Upward Momentum Witnessed
When whales start buying, it’s a good sign that they have a long-term view and are anticipating future price increases. Santiment also revealed its most recent observation, which focuses on the divergent reactions to the Blackrock and SEC litigation and the increase in BTC whale trades.
Bitcoin’s upward momentum was boosted when the American multinational investment firm BlackRock applied to the United States Securities and Exchange Commission (SEC) for a spot Bitcoin Exchange Traded Fund (ETF).
At its current price of $26,799, Bitcoin is demonstrating steady growth around the $27,000 barrier. Moreover, TradingView reports that Bitcoin’s dominance, measured by Bitcoin’s market capitalization as a proportion of the whole cryptocurrency market, has crossed the 50% level. According to data published by CoinMarketCap, the total value of all Bitcoin in circulation is presently $522 billion.
Following growing governmental efforts against competing digital currencies, Michael Saylor has said that he expects BTC dominance to exceed 80%. Despite the SEC’s designation of 68 cryptocurrencies as securities, Saylor emphasized Bitcoin’s widespread acceptance as the industry’s digital commodity.
