• Whales and Sharks have collectively purchased 11,629 BTC since August 17th.
• The total worth of this purchase is almost $308 million.
• This activity has been sparked by BlackRock filing to launch a spot Bitcoin ETF in the USA.
Whales and Sharks Accumulate $300 Million in BTC
As reported by analytics platform Santiment, whales and sharks (holding from 10 to 10,000 Bitcoin) have collectively purchased 11,629 BTC since August 17th. Calculated at current rates, this stash is worth almost $308 million. These investors appear unfazed by the recent decline of the cryptocurrency market as they continue to accumulate more Bitcoin.
Blackrock Filing Spurs Activity
The activity from these whales and sharks was likely spurred on by the world’s largest asset manager – BlackRock – filing to launch a spot Bitcoin ETF in the United States. This news caused an immediate drop of nearly $3,000 in Bitcoin price to a two-month low of $25,300, while some altcoins experienced weekly losses exceeding 20%. Despite this dip however, whales and sharks have continued to accumulate even during price rallies.
156,660 Wallets Hold 10-10K BTC
Santiment determined that there are currently 156,660 wallets holding between 10-10K BTC across the globe. Taking into account recent purchases from whales and sharks it appears that these investors are not deterred by short term drops in price or other external events such as SpaceX potentially selling its remaining stock of Bitcoin.
Analytics Platform Monitors Activity
Santiment provides an analytics platform for monitoring crypto activity which provides insight into whale behavior as well as market sentiment among other things. With their data we can accurately track when large purchasers enter or exit positions within different crypto assets giving us a better understanding of how institutional players may be influencing prices over time.
In conclusion, it appears that despite market downturns whales and sharks remain undeterred when it comes to accumulating larger portions of Bitcoin within their portfolios indicating confidence among major players within the space for long term success with this asset class.