New Data Reveals Massive Accumulation of Bitcoin by Large Whales in 2024
Recent data from market intelligence platform Santiment shows that the largest Bitcoin whales are aggressively accumulating billions of dollars worth of the cryptocurrency this year. While wallets holding between 100 and 1,000 BTC have been selling off their holdings, wallets with 1,000 to 10,000 BTC have been gobbling up Bitcoin at a rapid pace.
Santiment reports that the larger BTC wallets are accumulating the cryptocurrency at a much faster rate than smaller whale wallets are selling. The analytics firm also notes a significant increase in large Bitcoin transactions worth over $100,000 as BTC broke above $50,000 last week.
So far this year, it is estimated that wallets holding between 100 and 10,000 BTC have accumulated a net difference of approximately $5.06 billion in Bitcoin. Additionally, there has been a surge in high-value transactions since June 2022.
Bitcoin Continues to Rise
At the time of writing, Bitcoin is trading at $52,415, reflecting a more than 1.50% increase in the past 24 hours.
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