Bitcoin Whale’s addresses back in accumulation after 14 months

On Wednesday, December 14, the broader cryptocurrency market came under selling pressure with the Fed raising interest rates by 50 basis points. However, this selling remains limited as the interest rate hike was pretty much on the expected lines.

On-chain data shows that whales are back in action and have accumulated across stablecoins including USDT, USDC, BUSD and DAI. These addresses that collect stablecoins are usually those with $100,000 to $10,000,000.

Politeness: Sentiment

As we can see in the image above, the lines for stablecoin holdings are all going up. This shows that major players are returning to the crypto market and purchasing power is increasing overall.

As we can see from the images above, there have been massive jumps in wallets from $100k to $10m for USDT and BUSD. In the last three days alone, key USDT wallets have accumulated $817.5 million more in purchasing power. Likewise, the prime BUSD addresses have accumulated $104.9 million more in purchasing power.

On-chain data provider Santiment states that these are usually good signs after the recent FTX episode. These accumulation patterns suggest that confidence in the broader crypto space remains intact.

Bitcoin Whales Change Course

Over the past 14 months, we’ve seen Bitcoin whales reduce supply, and the price drop has followed suit. However, there is a new change in Bitcoin whale behavior that we have seen this week. The Santiment report notes:

“We’ve seen 159 new addresses with between 100 and 10,000 BTC in the last three weeks alone. This is the fastest growth of these addresses in 10 months. 40,747 more Bitcoins (worth $726 million) have been collected by these key whale wallets in just the last 9 days.

Currently, there are 15,848 such addresses holding anywhere between 100 and 10,000 BTC. This is usually a small number compared to the 43,460,000 total Bitcoin addresses. However, the whale addresses are the ones that cause big movements in the BTC price.

Bhushan is a FinTech enthusiast and has a keen flair for understanding the financial markets. His interest in economics and finance draws attention to the emerging markets of blockchain technology and cryptocurrency. He is continuously in a learning process and stays motivated by sharing his acquired knowledge. In his spare time, he reads thriller novels and sometimes explores his culinary skills.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

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