Crypto Currency News

Whales hit record bitcoin accumulation

Addresses with more than 100,000 Bitcoin have more than 3.6% of the total supply.

The price of bitcoin (BTC) has been stuck in the gap between $ 30,000 and $ 40,000 for the past five weeks. While several speculators fled the market when the price plummeted, the savviest investors seized the buying opportunity to the point of reaching record numbers in accumulation.

Crypto analytics firm Crypto Compare revealed in the last hours that the supply of BTC in the hands of whales is now at a high of 27 months. That is, since April 2019.

BTC whales can be divided into those with 10,000 to 100,000 BTC, and those that even exceed that level. According to Sentiment, the former now account for 10.91% of the total BTC supply, while the largest currently have 3.64%.

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The buildup of large investors took hold last month. In a period of 25 days, they accumulated approximately 90 thousand units of the cryptocurrency, and even registered the highest number of daily purchases in history.

Lastly, Sentiment pointed out that daily entries to crypto exchanges have seen a major drop in the last two months. The data suggests that the pressure to sell has dropped considerably, which is why the recovery expectations for BTC have gained strength.

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