Bitcoin along with the market for crypto has been lately seeing the majority of cryptocurrency prices in red but with no chance of an upward trend, if at all from the perspective of charts. These past few weeks have seen an increase in anxiety and uncertainty around the value of crypto.
However, despite the current development in the marketplace the most popular cryptocurrency investment, Bitcoin, is recording an increase in whale transactions. The biggest players have collected more BTC in the past two weeks which is worth several hundred million dollars.
Bitcoin Gets Massive Whale Accumulation
According to the data of The Santiment, an analytics company for crypto that tracks whales, whales have collected more Bitcoin tokens in the last nine days. The company noted that the value of cryptocurrency is more than $726 million at the current exchange rate.
Santiment stated that Bitcoin’s addresses that hold between 100 and 10,000 BTC tokens are still buying more. In addition, the company noted that the addresses have seen significant growth in the past three weeks.
The company behind the analytics said that around 159 new addresses hold between 100 and 10,000 BTC during the past three weeks. According to the information this is the most rapid growth that these addresses have seen over the past 10 months.
A change in the address could be related with FUD (fear, doubt and uncertainty) that is caused by the ongoing war between Ukraine and Russia.
As of this writing, Bitcoin is trading at $16,745. The market cap of Bitcoin is $326.65 billion and its share of the market is 39.64 percent.
Whales Pick Top Stablecoins
The analytics firm pointed out that stablecoins have also sparked the whales’ attention. In the end, they are now buying the best stablecoins like USDT, DAI, and BUSD.
Santiment said that the whales’ addresses took The Tether (USDT) as well as Binance USD (BUSD) contain coins that are worth between $10 million and $100,000. The two coins were able to make a purchase of around $922.4 millions for two of the stablecoins of the whales in the last three days.
In separate reports that show the top addresses of Tether have been able to accumulate a total amount that is $817.5 millions USDT coin. The transaction represents more than 7% increase in their holdings by the 10th of December 2022.
The BUSD, or Binance USD (BUSD) The most important addresses have collectively accumulated a amount that is $104.9 Million for this currency. This is an impressive purchasing power in the last three days. Additionally, it’s an increase of 9 percent in their stock holdings prior to the 10th of December in 2022.