Bitcoin Lost $8K in 2 Days but Whales and Sharks Continue to Accumulate
The rising geopolitical tension between allies has resumed the bearish trends that began in Q4 last year, and BTC’s price tumbled from $95,500 to $87,500 in the span of 48 hours or so.
Moreover, the asset plunged by over ten grand since the middle of the previous week when it reached a multi-month high of $98,000. During this ongoing correction, certain investors have disposed of some of their BTC holdings, while others have continued to accumulate.
Data from Santiment shows that smaller investors, wallets with under 0.01 BTC, have sold around 132 units in the past 9 days, which accounts for about -0.28% of their entire holdings.
However, larger investors, typically referred to as whales or sharks, have amassed 36,322 BTC, valued at $3.2 billion at current prices.
It’s worth noting that a large portion of the wallet accumulation could be from Michael Saylor’s business intelligence software giant, Strategy. As reported yesterday, the largest corporate holder of the cryptocurrency bought 22,305 BTC during the previous business week.
As mentioned above, the asset’s price has tumbled by more than $10,000 within the same timeframe. The escalating geopolitical tension between the US and the EU is among the most notable reasons behind the overall market uncertainty, but so is the “relentless surge in long-dated JGB (Japanese government bond) yields,” as Saxo Bank’s Head of Commodity Strategy put it.
In contrast, gold and silver continue to chart fresh peaks. The yellow metal’s latest ATH came at almost $4,900/oz yesterday, while silver neared $100 but couldn’t breach it yet.
The post Bitcoin Lost $8K in 2 Days but Whales and Sharks Continue to Accumulate appeared first on CryptoPotato.
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