It seems that Bitcoin whales are accumulating more BTC, and there is no sign of selling-out or dumping from them. According to a report from Santiment, whale traders accumulated thousands of BTC ten days ago. It’s a new record from July 2019.
The recent accumulation has surely affected the Bitcoin market and can be considered as one of the factors for the recent price jump. BTC is currently trading at $50.6K, and there are no signs of dumping from these big holders.
Planning to HODL?
Whales’ activity always is effective on the cryptocurrency market. They hold lots of coins in each specific market and can move the price significantly. In the BTC market, there are numerous whales that have been accumulating BTC since its launch.
But there are many others that became whales from trading. Anyhow, they all have good effects on the market.
Whales that hold between 100 to 10,000 BTC in their wallets can be considered effective whales. They can buy and sell considerable amounts of coins and affect the market.
When whales start to accumulate BTC or other cryptocurrencies, they can jump the price. Big buys mean the coin has potential, and big investors are trying to have more of it.
Besides, it creates a FOMO that attracts more buyers in a domino effect. But sometimes, whales start to sell their coins immediately or shortly after buying. It creates a sell-off in the market and can start a dump.
It’s what we have seen occasionally in BTC and other cryptocurrency charts. But the recent buying and accumulating pattern from Bitcoin whales doesn’t seem like that.
According to the report by Santiment, it seems the whales are going to hold the newly accumulated Bitcoins.
“# Bitcoin’s whale traders holding between 100 to 10,000 $BTC accumulated 70k $BTC 10 days ago, the largest day of accumulation for this group since July 2019. Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet.”
Buying $70K BTC means about $3b inflows to the market if we consider BTC price at $43k at ten days ago. As you can see in the Santiment analysis, it created a spike in the charts.
Now and after ten days, the BTC price is about $50.7k, and it doesn’t seem that these whales are going to sell their coins soon. Anyway, the market moves rely on many situations and may go up and down because of many reasons. After all, it seems whales are going to hodl more.