According to data from on-chain analytics platform Santiment, Bitcoin whales holding from 1,000 to 10,000 BTC, have accumulated a total of about 131,600 BTC worth more than $3.5 billion in the past 11 weeks. These Bitcoin whales have brought their BTC holdings to a seven-week high. Their BTC holdings have increased from 4.51 million BTC in early April to nearly 4.65 million BTC at the present time. During this time period, Bitcoin price fell slightly and remained stable at $25,000 – $27,000.
Notably, the majority of this accumulation mainly occurred in the past week. Crypto wallets holding between 1,000 and 10,000 BTC have bought more than 60,000 BTC (worth nearly $1.62 billion), according to crypto trading expert Ali Martinez.
This showed that Bitcoin whales are still confident in the future of Bitcoin. The crypto downturn may be the good time for them to increase their BTC holdings.