• Whales and sharks have collectively purchased 11,629 BTC (worth almost $308 million) since August 17th.
• This buying spree has been fueled by BlackRock’s move to launch a spot Bitcoin ETF in the US.
• The crypto market retraced last week after speculations that SpaceX might have sold its remaining BTC stash.
Whales & Sharks Accumulated $300 Million in BTC Since Mid-August
Bitcoin investors who already have a substantial amount of the asset in their accounts seem unfazed by the recent decline of the cryptocurrency market. According to Santiment data, some whales and sharks have accumulated over 11,600 BTC between August 17 and now. Such investors have been quite active on the crypto scene ever since the world’s largest asset manager – BlackRock – filed to launch a spot Bitcoin ETF in the USA.
Accumulation of 11,629 BTC
Santiment’s analytics platform focused on cryptocurrencies estimated that some whales and sharks (holding from 10 to 10,000 BTC) have collectively purchased 11,629 BTC since August 17. Calculated at current rates, this stash is worth almost $308 million.
Price Rally & Bearish Periods
It is evident from the graphics that whales have accumulated BTC not only during bearish periods but also during price rallies.
Crypto Market Retracement
Santiment’s data comes amid the market-wide retracement that started last week following speculations that SpaceX might have sold its remaining BTC stash. The primary cryptocurrency dumped almost immediately by over $3,000 to a new two-month low of $25,300.