Three halvings and numerous rallies and pullbacks later, Bitcoin, at the time of writing, was still trading lower than its all-time high price which was closer to $20,000. Despite the cryptocurrency losing such altitude, investors have continued to buy the world’s largest cryptocurrency. This was evidenced by the latest chart from the crypto-analytics platform, Santiment.
According to its latest tweet, Bitcoin whales could potentially be accumulating again.
Since Bitcoin’s drop below $9,500 on May 20th, addresses holding 100 or more Bitcoin have added another 12,000 $BTC to their bags – more than $108,000,000 at current prices
As depicted by the attached chart, since the beginning of the year, some addresses have shown an inclination towards accumulating when the price of Bitcoin went in for dips, while offloading their bags slightly before short-term tops take place. After the coin fell below $9,000, a couple of days ago, this group of whales started to accumulate again. This could potentially mean that Bitcoin could soon see a short-term top again very soon.
Bitcoin whales have been known to manipulate the market with the number of coins they hold, resulting in huge pumps and dumps. Previously, the number of Bitcoin whales with 1,000 to 10,000 BTC or more on a single address was reported to have increased substantially.