While small investors are worried in Bitcoin, which has been in a downtrend for the last three months, large investors, on the contrary, continue their fearless moves. Bitcoin whales are still buying BTC despite this ‘dark cloud’ environment and the whales had the highest purchase in a single day with 60,000 Bitcoin purchases. On-chain data analytics company Santiment reported that whales bought 60,000 BTC in one day, the largest daily accumulation this year.
Fearless moves from whales
Bitcoin whales are known as large investors and institutions that hold between 100 and 10,000 Bitcoins at a single address. According to Santiment, these addresses are now 100,000 more than a month and a half ago with a combined 9.12 million Bitcoins.
Many retail investors are panicking as Bitcoin has lost more than 50% of its value since mid-April. However, BTC whales saw the downturn as a buying opportunity and continued to buy the crypto asset over the past three months.
Addresses holding at least 10,000 BTC bought about 90,000 BTC in less than a month. As Santiment explained, these “oversized” addresses held half of all bitcoin in circulation at the time. Even the volatility from Elon Musk and the Chinese FUD couldn’t stop Bitcoin whales from buying, adding nearly $3.6 billion worth of Bitcoin to their portfolios in the past six weeks.
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