Crypto analytics firm Santiment is tracking Bitcoin whale behavior following the sell-off that drove the price of BTC to around $30,000 last month.
Santiment unveils that large crypto holders are buying BTC even as the digital asset fails to reclaim the $40,000 level. The firm says that Bitcoin whales recently bought tens of thousands of BTC worth nearly $2 billion.
“Bitcoin continues to range in the $37,000 to $39,000 range, but whales are accumulating behind the scenes. Addresses with 100 to 10,000 BTC have added 50,000 total BTC to their wallets or ~$1.95 billion.”
As crypto whales continue to accumulate BTC during the market downturn, Santiment says that smaller investors are selling their Bitcoin holdings.
“Bitcoin whale addresses holding 1,000+ BTC are back to holding 7.88 million tokens. This is the largest amount of BTC held by