New reports show that Bitcoin (BTC) whale addresses with 1,000 to 10,000 BTC have acquired more coins over the last 48 hours. Analytics provider Santiment reported that large Bitcoin wallets have acquired about 40,000 coins in the last two days.
Currently, the number of coins controlled by BTC whales has returned to the pre-dump level. The recent accumulation is what has sustained the price of BTC above $42,000 for a while now. Also, Bitcoin’s market dominance has recorded a spike over the same period as the heightened accumulation. Santiment detailed in its latest report that:
“Bitcoin has rebounded and is +$1,000 in price the past 5 hours. Now sitting at $42.4K, this comes after whales have accumulated 40K more BTC in the past two days alone. They now are back to owning the same amount from before their dump began at $49K.”
Long-Term Bitcoin Holders Did Not Sell Despite Crash in 2021
All through the crypto market crash in 2021, long-term BTC holders remained unfazed and refused to dump their holdings. Instead, data shows that most HODLers accumulated more coins during market declines.
While Bitcoin and the broader market enjoyed meteoric rises in 2021, bears have dominated the crypto space so far in 2022. The benchmark cryptocurrency currently trades down by about 35% from its $69,000 all-time high. Also, because of the consecutive sell-offs, 30% of all circulating BTC supply has fallen into unrealized losses. On-chain data provider Glassnode elaborated:
“As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric. This magnitude of ‘top heavy supply’ was defended in two instances in the last few years: May 2020 – July 2020, the quiet recovery period following the extreme move downwards from Covid-related panic. May 2021 – July 2021, the choppy and accumulative period following a historical deleveraging event.”
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