Bitcoin whales have accelerated accumulation of BTC during the last few weeks amid price volatility. According to the latest data published by Santiment, a blockchain tracking and analytics firm, large Bitcoin addresses have added approximately 90,000 BTC since 5 April.
Santiment defines the BTC whale address as a crypto wallet with more than 10,000 Bitcoin. The company mentioned that whales have started accumulating in large amounts particularly after BTC’s all-time high on 14 April. The total value of the recently accumulated Bitcoin stands at around $4.92 billion.
The world’s largest cryptocurrency saw a volatile April as the price of BTC touched $64,000 on 14 April but dropped to a low of $47,000 on 26 April. As of writing, Bitcoin is trading near $54,000 with a market cap of more than $1.02 trillion.
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“The uber large Bitcoin whale addresses (holding 10,000+ BTC) continue to get richer and accumulate as prices range, particularly after the All-Time High two weeks ago. Around 90k BTC ($4.92B) has been added in total to these addresses since 5 April,” Santiment mentioned.
BTC-related investment products saw $21 million outflows last week, its largest weekly outflows on record.
The latest price volatility has accelerated unknown crypto transactions from BTC whales. According to Whale Alert, an unknown crypto user moved 7,175 Bitcoin worth approximately $392 million on 29 April at 01:05 UTC. BTC whale activity above the $1 trillion market cap has surged significantly. Crypto analytics firm, Glassnode reported earlier this month about a jump in Bitcoin transactions above the $1 trillion market cap. The company stated that more than 1.9 million BTC moved above the $1 trillion market cap including movement in some of the large BTC addresses.
Furthermore, whale addresses are moving the world’s largest digital currency in large amounts from leading digital exchanges to crypto wallets. Recently, Whale Alert reported the movement of 2,000 Bitcoin from cryptocurrency exchange Coinbase to crypto wallet Xapo. The total value of the mentioned transaction stands at around $110 million.