Bitcoin Whales Accumulated Over $350 Billion Since Btc’s Price Plunged Last Month

Bitcoin whales have been accumulating more BTC ever since its price plunged last month. Over the last 25 days, whales accumulated a whopping 90,000 BTC, at press time worth over $350 billion.

According to cryptocurrency analytics firm Santiment, large bitcoin holders with between 100 and 10,000 BTC in their wallets – between $3.9 million and $392 million – started accumulating after BTC’s steep price drop and now account for 48.7% of bitcoin’s supply.

Bitcoin whales’ buying spree placed them at a seven-week high for the amount of BTC they hold, with these addresses now owning over 9.11 million coins – the figure is down a few percentage points from their mid-April high.

As CryptoGlobe reported earlier this month, while whales have been accumulating smaller investors sold their holdings after the sell-off, at a major discount. Per the firm, as of June 9 addresses with 10 or less bitcoin held their smallest amount over the last six months, at 2.65 million BTC.

The price of bitcoin has surged from around $11,000 in October of last year to a new all-time high near $64,000 before it started plunging. The cryptocurrency dropped to a $29,000 low on May 19 before surging to retest $40,000 earlier this month.

DISCLAIMERThe views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDITFeatured image via Pixabay

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