Bitcoin remains incredibly bearish amid negative market headwinds, but that hasn’t stopped investors from taking their positions during this period. These big investors, who own over $600,000 worth of Bitcoin, have been accumulating BTC at an accelerated pace over the past six months.
Bitcoin holders are increasing their portfolio holdings
On-chain data tracking platform, Santiment, recently revealed that Bitcoin investors have increased their holdings over the past six months. According to the report posted on
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The report shows that these holders have increased their collective holdings by 1.07% over the past six months. While this may seem like just a small increase, it translates to over 5,000 BTC added by these wallets in half a year.
One trend that has continued during this accumulation is the fact that purchases have increased every time the Bitcoin price has crashed. For example, when the Bitcoin price crashed in early May, these wallets increased their purchases.
This time, as BTC price struggled to maintain the $60,000 level, they started buying again. Santiment’s data shows that their holdings have increased dramatically over the past month, bringing the total to 16.17 million BTC in these wallets.
USDT and USDC holdings support the accumulation theory
One thing that also indicates that these whales have been aggressively buying Bitcoin over the past six months is the change in the USDT and USDC portfolios. Typically, investors hold these stablecoins as a way to avoid market volatility and wait for better prices.
However, once prices get low enough, they start buying, and this buying translates into a drop in the balances of their stablecoin holdings. For example, Santiment’s report points to a decline in USDT and USDC holdings of sharks and whales with holdings between $100,000 and $1 million, although USDT holdings have taken a bigger hit.
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These major wallets’ USDC shares are down 1.99% over the past six months, bringing their holdings to 34.2% of current supply. Meanwhile, USDT holdings have fallen by 5.37% over the same period, bringing their holdings down to 30.3% of the total supply.
What this shows is the willingness to buy Bitcoin at these low prices in anticipation of a price recovery. If this purchase goes through, it could create some much-needed support for the BTC price at $60,000, raising the possibility of a price increase from here on out.
Featured image created with Dall.E, chart from Tradingview.com