Bitcoin (BTC), the largest cryptocurrency by market capitalization, has been changing hands around the $20,000 region over the past months. Despite the long-standing lethargic growth, Bitcoin whales’ confidence in the flagship crypto continues to grow.
As recently shared by the popular crypto analytics platform Santiment, Bitcoin whales have been heavily accumulating BTC since last week Tuesday.
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Santiment revealed that Bitcoin whales have collectively accumulated 46,173 BTC worth about $931 million at current prices over the past nine days.
The crypto analytics platform also revealed that the recent whale activity is the longest period of accumulation since the market collapse that started in May 2022.
Captioning an illustrative chart, Santiment tweeted, “Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10,000 BTC have collectively added back 46,173 BTC back to their wallets as large USDT holdings have dropped.”
Sometimes last week, Santiment reported that Bitcoin supply on crypto exchanges has fallen to levels last seen in November 2018.
Read Also: A Bitcoin Whale Moved Over 200,000 BTC To Exchanges. Could This Be Michael Saylor?
According to the analytics firm, this has drastically reduced the risk of further selloffs with less than 9% of Bitcoin supply currently held on crypto exchanges.
At the time of filing this report, BTC is trading at $20,127, with a relatively 3.5% price upsurge in the last seven days.
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