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Bitcoin Whales Amass Over 20k BTC in 48 Hours: Report

Yusuf Balogun
Yusuf Balogun
Yusuf is a law graduate and freelance journalist with a keen interest in tech reporting.

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A new report has revealed that in the last 48 hours, Bitcoin whales have accumulated over 20,000 BTC. Data from Santiment shows that addresses holding 100 to 1,000 Bitcoin have amassed a total of 20,007 BTC.

The accumulation over this period according to the blockchain analysis company increased the cohort’s holding to over 20% of the total quantity of BTC.

Santiment observed that over the previous month, these whales had regularly made money. For the first time in nearly a year, BTC traded above $30,000 during this time, reviving market bullishness.

In the meantime, the latest Santiment data supports an earlier Insight from CryptoSlate. The article claims that for the first time since January, whales holding more than 10,000 BTC are actively accumulating.

On the other hand, the report also stated that to encourage continued whale activity, major entities’ activity is at its greatest level in almost a year.

Bitcoin Today’s Market

According to data from CryptoSlate, Bitcoin dropped below $30,000 during the early trading hours, reaching a low of $29,010. Several other top 10 digital assets were also impacted by the flash crash, losing over 5% of their value apiece, including Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), and others.

Data from Coinglass shows that in the last four hours, the incident liquidated 75,092 traders worth around $180 million; 98% of these traders had long positions in the market.

Santiment claimed that despite the sharp decrease, BTC price volatility is now at its lowest level since the second week of January. The asset’s volatility, according to the company, reached a 9-month high in March when it traded above $25,000 but has since progressively decreased.


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