Bitcoin has been on a roller coaster in recent months. The flagship cryptocurrency is yet to perform as favourably as the crypto community expected after the third halving event happened on May 11. Many people expected the now lacklustre event to do great things for BTC as well as the crypto industry in general.
After the rewards had dropped from 12.5 BTC to 6.25 BTC, some smaller miners exited the space since the coin is yet to spike to great highs. But, recent data shows that the Bitcoin whales are still accumulating bitcoins significantly.
Bitcoin addresses that hold at least 100 bitcoins have gathered another 12,000 bitcoins, according to Santiment. The new acquisition is worth around $108 million based on the current market prices. The analysis stated:
“Since Bitcoin’s drop below $9,500 on May 20, addresses holding 100 or more Bitcoin have added another 12,000 BTC to their bags – more than $108,000,000 at current prices.”
Even after bitcoin plunged in early March, more people noticed crypto and also committed their money in the nascent market. Most of the traders are taking advantage of the low prices, with many of them expecting it to surge after the recent halving event eventually.
Santiment research company stated that the addresses that have shown notable behavioural patterns since the start of 2020 might see history repeat itself.
“Since the start of the year, these addresses have shown a propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?”
It will be worthwhile to see how this situation unfolds. While it is challenging to forecast market movements, Bitcoin whales have manipulated prices in the past. The price manipulation swings in either direction and somehow directs market prices. Many people now believe that these whales are the reason why bitcoin is still unable to surge.