Bitcoin Whales Accumulated Over $2 Billion Since BTC Dipped Below $40,000

Bitcoin whales have been buying bitcoin ever since its price dropped below the $40,000 mark last month and have so far accumulated nearly $2 billion. In total, bitcoin whales added around 50,000 $BTC to their wallets.

According to cryptocurrency analytics firm Santiment, large bitcoin holders with between 100 and 10,00 $BTC in their wallets – between $3.2 million and $328 million in their wallets – started accumulating after the price of $BTC hit $37,000 and kept adding coins to their stash even as it recovered to $39,000.

Santiment, as Daily Hodl reports, also pointed out that as $BTC whales kept accumulating, smaller investors sold their holdings at a discount. Per the firm, whale addresses with over 1,000 $BTC now hold over 7.88 million $BTC, the largest amount they have held since March 14.

Their accumulation coincides with 2.65 million $BTC held by addresses with 10 or less $BTC, their smallest amount over the last six months.

The price of bitcoin has surged from around $11,000 in October of last year to a new all-time high near $64,000 before it started plunging. The cryptocurrency dropped to a $29,000 low on May 19 before surging to retest $40,000 earlier this month.

After its price failed to break through the $40,000 mark, it dropped to $33,000 at press time. While some analysts believe it will still hit six digits this year, JPMorgan strategists have warned its crash may not be over, even though they maintain $BTC could hit $145,000 in the long term.

Santiment also shared data on the Ethereum ($ETH) network, revealing that looking at its network value-to-transaction ratio, a metric that measures the fair value of a cryptocurrency by dividing its market capitalization by transaction volume, $ETH is seeing a “slight bullish divergence.”