BTC investors beware: Bitcoin whales are buying en masse

The bitcoin (BTC) price shows some tentative signs of a recovery, but for now the market is still under water. Nevertheless, there are positive signs to note. According to blockchain analysis agency Santiment, whales, or large investors, are currently stocking up on a huge amount of BTC.

Bitcoin whales take their chance

The so-called whales, which are often seen as the investors with more than 100 BTC in their possession, have been hard at work over the past nine days. Santiment states that the wallets holding between 100 and 10,000 BTC added a whopping $726 worth of BTC to their wallets during this period.

Also stablecoins such as Tether (USDT), Binance USD (BUSD) and Dai (DAI) are being smashed by whales on a large scale, Santiment reported today on social media platform Twitter.

“Crypto is far from dead”

At the moment there are 15,848 different addresses with more than 100 bitcoins on the balance. That represents 0.036% of all bitcoin wallets. If this percentage rises, it suggests a growing interest from whales, according to Santiment. Whales, of course, simply by the fact that they have deep pockets, have a great influence over the bitcoin rate.

“When the ratio of whale addresses vs. all other addresses rise, theoretically implies there is more interest in a rise in the kind of traders who are not only millionaires, but are used to using their capital to get what they want.”

According to Santiment, whale activity lately has been cause for caution. In any case, the agency dares to say that we are in a phase of accumulation, instead of distribution.

“All in all, we have reasons to be excited as we enter the last few weeks of 2022. Anything could happen to prices as news continues to break about FTX funds, the Ukraine-Russia conflict continues and covid continues to linger. But based on the fundamentals, these are great signs that crypto is far from dead.”

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