Bitcoin (BTC) has been making waves recently due to the accumulation of whales and this activity could possibly be part of the positive development of the general crypto market. The performance of BTC in 2023 has been favorable as its current price has increased by 5.41% this year.
Whales Continue To Amass BTC
Bitcoin (BTC) has hovered above the $17,000 mark this week, reaching a high of $17,493.32 in the last 24 hours. Large bitcoin holders, known as whales, have regained an interest in Bitcoin and actively accumulate the largest and most well-known cryptocurrency in the world.
According to data from on-chain analytics provider Santiment, whales, with holdings of between 1,000 and 10,000 BTC, have been increasing the amount of bitcoin they own at a faster rate. Specifically, in the past five days, these significant investors have acquired more than 20,000 BTC, indicating a notable trend of accumulation.
Based on the data, these large bitcoin holders have accumulated a total of 4.57 million BTC. This total represents 23.7% of the current circulating supply of BTC, indicating that this accumulation may have played a role in the recent recovery seen in the price of bitcoin over the past two days.
BTC’s Performance So Far in 2023
The price of Bitcoin has seen a rise of 5.41% in the year 2023. Many traders are taking advantage of the small profit opportunities presented by Bitcoin, and yesterday was reported to be the second-highest ratio of profits vs losses in the past year.
Santiment also reported that small and medium-sized Bitcoin wallets have recently purchased a significant amount of BTC. These addresses hold between 0.1 to 100 BTC and in the past six months, they have increased their holdings by around 9%. The Santiment team highlighted that this is one of the most intense buying cycles in the history of cryptocurrency.
Moreover, according to the analysis of the data, it appears that these investors tend to have faith in the long-term prospects of Bitcoin and are willing to retain their positions despite short-term market fluctuations.
At the time this report was written, the price of Bitcoin was recorded at $17,434.02 and showed an increase of 1.43% in the last 24 hours of trading.