A leading analytics firm says deep-pocketed Bitcoin investors are gobbling up huge amounts of BTC at the expense of retail traders.
In a new post on social media platform
“As crypto prices have let retail down, the number of Bitcoin whales is growing. In just one month, a net profit of +283 wallets holding at least 100 BTC has been created. The now 16,120 such wallets on the network have broken a 17-month high.”
Santiment also says that Bitcoin sharks, or entities that own at least 10 BTC, are pouncing on the crypto king.
Additionally, the analytics firm says Bitcoin whales and sharks added more than $7.863 billion worth of BTC to their stacks in just one month.
“Over the past month, wallets holding 10-10,000 BTC have collectively collected an additional 133,300 coins, as smaller merchants continue to impatiently hand over their holdings to them.”
Using data from Santiment, on-chain analyst Ali Martinez tells his 69,800 followers on social media platform
“Looks like some big players have bought into the Bitcoin dip! Data from Santiment’s chain shows that the supply on the exchange fell by 40,000 BTC in 48 hours, equivalent to approximately $2.40 billion. This corresponds to a remarkable increase in currency outflows!”
At the time of writing, Bitcoin is trading at $59,000, down slightly on the day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Lemberg Vector studio
