Bitcoin and the crypto market has seen most crypto prices in the red lately with little hope of an uptrend, at least based on charts. Fears and doubts about the asset class have grown in recent weeks.
However, despite the recent market trend, the primary crypto-asset Bitcoin is seeing a spike in whale transactions. The Big Shots have raised hundreds of millions of dollars worth of BTC over the past two weeks.
Bitcoin Gets Massive Whale Accumulation
According to data from Santiment, a crypto analytics firm, whales have accumulated more bitcoin tokens over the past nine days. It noted that the value of the crypto is worth over $726 million at the current market exchange rate.
Santiment reported that Bitcoin addresses holding between 100 and 10,000 BTC tokens are still buying more. In addition, the company mentioned that these addresses had experienced rapid growth over the three weeks.
The analytics firm cited that about 159 new addresses held between 100 and 10,000 BTC over the past three weeks. According to the data, this is the fastest growth such addresses have seen in 10 months.
A change in addresses could be linked to FUD (Fear, Uncertainty and Doubt) caused by the ongoing Russia-Ukraine war.
At the time of writing, Bitcoin is trading at $16,745. Its market cap is $326.65 billion and its dominance over altcoins is 39.64%.
Bitcoin slips below $17,000 l BTCUSDT on Tradingview.com
Whales choose top stablecoins
The analytics firm noted that stablecoins had also piqued whales’ interest. As a result, they are buying the best stablecoins, including USDT, DAI, and BUSD.
Santiment mentioned that the addresses of the whales that selected Tether (USDT) and Binance USD (BUSD) have coins ranging from $100,000 to $10 million. Within the past three days, the whales achieved a combined purchase of approximately $922.4 million for the two stablecoins.
In separate records, Tether’s top addresses have accumulated a total value of 817.5 million USDT coins. The deal means a more than 7% increase in their holdings ahead of December 10, 2022.
For Binance USD (BUSD), the top addresses have accumulated a total value of $104.9 million for the coin. This is significant purchasing power over the past three days. Additionally, this represents a 9% increase in their holding prior to December 10, 2022.
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