Large investors have bought nearly $2 billion in Bitcoin, or 50,000 BTC, since the price dropped below the $40,000 mark.
According to crypto analytics platform Santiment, whales holding between 100 and 10,000 BTC in their wallets started accumulating after the BTC price hit $37,000 and continued to buy as the price surged to $39,000.
Meanwhile, however, small investors were selling. The number of addresses with more than 1,000 BTC currently holds more than 7.88 million BTC. This is the largest amount of BTC owned by major investors since March 14.
In contrast, wallets with 10 BTC or less currently hold only 2.65 million BTC. The smallest number recorded in the last six months.
#Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k $BTC have added 50,000 total $BTC to their wallets, or ~$1.95bn. Read our quick take on what this means! https://t.co/YRVzgPu5pP pic.twitter.com/OLy5JgDAFl
— Santiment (@santimentfeed) June 4, 2021
Bitcoin rose from around $11,000 last October to a record close to $65,000 before losing more than 50% of its value in May, hitting $30,000. Currently, each BTC is trading around the $34,000 mark.
🐳 #Bitcoin whale addresses holding 1k+ $BTC
are back to holding 7.88M tokens. This is the largest amount of $BTC held by whales since Mar 14. This coincides with just 2.65M $BTC held by addresses with 10 or less $BTC, their SMALLEST amount in 6 months. https://t.co/xFKHNgjLCx pic.twitter.com/H3KqI0B18d
— Santiment (@santimentfeed) June 5, 2021
Additionally, Santiment said Ethereum’s network-to-transaction ratio (ETH) signals a “bullish divergence”. The network value-to-transaction ratio is a metric that measures the fair value of cryptocurrencies by dividing their market capitalization (Ethereum) by trading volume.
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