As a researcher with a background in cryptocurrency and blockchain analysis, I find the recent trend of Bitcoin accumulation by large investors to be a noteworthy development amidst bearish market conditions. The data from Santiment’s report highlights the increasing holdings of wallets with over 10 BTC, which translates to significant buying power.
Despite the prolonged bearish trend in Bitcoin and unfavorable market conditions, substantial investors have persistently added to their Bitcoin holdings, amassing over half a million dollars’ worth during the past six months.
Bitcoin Holders Increase Wallet Holdings
As an analyst, I’ve recently come across some intriguing insights from on-chain data tracking platform Santiment. They’ve shared a report on X (previously known as Twitter) indicating that Bitcoin investors have been steadily accumulating more coins over the last six months. Particularly noteworthy are the larger wallets, those holding over 10 Bitcoins, who have been driving this buying trend.
Over the past six months, the aggregate Bitcoin held by these wallets has grown by 1.07 percent. Although this may appear as a modest expansion, it equates to approximately 5,000 Bitcoins that have been amassed within just six months.
As a researcher observing the trends in Bitcoin transactions, I’ve noticed a consistent pattern: whenever the Bitcoin price experiences a downturn, purchasing activity from these specific wallets increases. For instance, back in early May when the Bitcoin price took a hit, these wallets significantly boosted their buying activity.
As a researcher studying Bitcoin’s price movements, I’ve observed that these wallets have resumed purchasing BTC despite its inability to sustain the $60,000 mark during the past month. According to Santiment’s data, their holdings have significantly grown, accumulating a total of 16.17 million BTC as of now.
USDT And USDC Holdings Supports Accumulation Theory
A notable indicator of the increased purchasing activity of these whales towards Bitcoin over the past six months is the shift in the balances of stablecoin holdings in their wallets. Typically, investors keep large amounts of USDT or USDC to shield themselves from market instability and position for more favorable buying opportunities.
As a crypto investor, I keep an eye on the market trends and the balances of stablecoin holdings by large investors, or “whales” and “sharks,” as they are often referred to. When prices drop significantly, these investors start buying, which in turn reduces their stablecoin balances. For instance, recent reports from Santiment indicate a decline in USDT and USDC holdings among investors with a net worth between $100,000 and $1 million. Notably, the USDT holdings have seen a more pronounced decrease.
Large wallets holding USDC have decreased by 1.99% over the past six months, now accounting for approximately 34.2% of the current USDC circulation. Simultaneously, these same wallets have seen a reduction of 5.37% in their USDT holdings, currently representing around 30.3% of the total USDT supply.
This indicates a readiness to purchase Bitcoin at current low costs, with the expectation that its value will rebound. Persistent buying at this price point could bolster Bitcoin’s support around $60,000, potentially paving the way for further price growth.
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2024-07-04 08:10