Bitcoin and altcoins were negatively affected by the recent events and experienced sharp decreases.
While some investors remained in the opposite direction in these decreases, some investors took the opportunity to buy from the levels they saw as the bottom.
In this context, evaluating the movements of whales in recent declines, Santiment said that whales have accumulated Bitcoin.
While the BTC price seems to have been dropping lately, Santiment noted that wallets holding significant amounts of Bitcoin, known as whales, have accumulated a total of $3.5 billion since the beginning of April.
“Bitcoin whales have been busy as the cryptocurrency community has watched prices drop over the past two months.
Because wallets holding 1,000 to 10,000 BTC have accumulated a total of $3.5 billion worth of Bitcoin since the first week of April.
And this is no accident. Now, BTC has once again climbed above $27,000.
This BTC accumulation typically points to a positive outlook as whales tend to take a long-term view and can predict future price growth.”
🐳 #Bitcoin's whales have been busy while the crowd watched prices dwindle these past two months. Now back above $27k once again, it's far from coincidence that wallets holding 1K to 10K $BTC have accumulated a combined $3.5B since the first week of April. https://t.co/LUEaQLeXTy pic.twitter.com/z8U5tCa9OQ
— Santiment (@santimentfeed) June 20, 2023
Santiment also said in another post that the increase in BTC whale transactions and Blackrock's spot Bitcoin ETF application are positive for the BTC price.
Bitcoin, which rose above $ 27,000 during the day, is at $ 26,800 at the time of writing.
*Not investment advice.
