Bitcoin Whales Keep Accumulating BTC as Its Price Consolidates

Bitcoin whales have seemingly kept on accumulating BTC as the price of the flagship cryptocurrency consolidates between the $55,000 to $59,000 range. On-chain fundamentals have been improving over the last few weeks.

As first reported by Cointelegraph, data from on-chain analytics firm Santiment shows that BTC whales have been mostly accumulating, as 35,000 BTC worth over $2 billion left cryptocurrency trading platforms over the last 30 days, while wallets with 100 to 1,000 BTC added 353,000 more BTC since the beginning of February.

Meanwhile, addresses with 1,000 to 10,000 BTC had lost 300,000 BTC. While these larger wallets lost funds, the data is consistent with whales accumulating as these larger wallets often belong to cryptocurrency trading platforms that hold funds for thousands of users. BTC leaving these exchanges could be bitcoin moved to cold wallets by HODLers.

The crypto news outlet also points out that since the price of BTC started surging late last year, the seven-day average active addresses has increased in tandem, as activity on the blockchain grew along with interest in the cryptocurrency.

Pseudonymous analyst “Crypto Birb” pointed out on Twitter that short and long-term bitcoin price cycles have been supplemented by on-chain progress.

While on-chain data shows BTC’s use has kept on growing and whales have been accumulating the cryptocurrency, headlines suggest demand for it is also on the way up. As CryptoGlobe reported, a recent survey shows that the vast majority of accredited investors in the U.S. intend to buy Bitcoin during 2021. 

A condominium corporation in Canada has made a long-term investment into Bitcoin as part of its 10-year horizon for financial planning. Thornton Place Condominiums has “purchased 0.4 bitcoin for its reserve fund with $25,000.00 (CAD) in cash at an average price of approximately $62,500.00 (CAD) per bitcoin, inclusive of fees and expenses.” The purchase was made via crypto exchange Kraken.

Featured image via Pexels.

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