Bitcoin whales accumulate over 20k BTC in just two days Bitcoin whales accumulate over 20k BTC in just two days
Blockchain analytical firm Santiment said Bitcoin price volatility is at its lowest since the second week of January.
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Updated: Apr. 19, 2023 at 1:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) whales — addresses holding between 100-1,000 BTC — accumulated 20,007 BTC, according to data from Santiment.
According to the blockchain analytics firm, the accumulation over this period returned the cohort’s holding to over 20% of BTC’s total supply.
Santiment noted that these whales had consistently taken profit over the past month. During this period, BTC traded above $30,000 for the first time in almost a year — returning bullish sentiment to the market.
Meanwhile, this new Santiment data corroborates CryptoSlate’s previous Insight. According to the report, whales holding over 10,000 BTC are aggressively accumulating for the first time since January.
The report added that the large entities’ activity is also at its highest level in almost a year to support further whale activity.
Bitcoin drops below $30k
Bitcoin fell below $30,000 during the early trading hours to as low as $29,010, according to CryptoSlate data.
The flash crash also affected several other top 10 top digital assets like Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), and others, as they lost over 5% of their values each.
According to Coinglass data, the incidence liquidated 75,092 traders of roughly $180 million in the last 4 hours — 98% of these traders held long positions in the market.
Despite the steep decline, Santiment said BTC price volatility is at its lowest since the second week of January. According to the firm, the asset’s volatility had touched a 9-month high in March when it traded above $25,000 but has steadily declined.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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