Bitcoin and the crypto market have been seeing most crypto prices in the red lately, with little hope of an uptrend, at least based on charts. There has been growing fear and doubt about the asset class in recent weeks.
However, despite the recent trend in the market, the primary crypto asset, Bitcoin, is recording an increase in whale transactions. The big players have collected more BTC in the past two weeks, worth hundreds of millions of dollars.
Bitcoin gets huge whale accumulation
According to data from Sanitation, a crypto analytics company, whales have accumulated more Bitcoin tokens in the past nine days. It noted that the value of the cryptocurrency is worth more than $726 million in the current market exchange rate.
Santiment reported that Bitcoin addresses with between 100 and 10,000 BTC tokens are still buying more. In addition, the company mentioned that these addresses experienced rapid growth over the three weeks.
The analytics firm cited that about 159 new addresses contained between 100 and 10,000 BTC in the past three weeks. According to the data, this is the fastest growth such addresses have experienced in 10 months.
A fluctuation in the addresses could be linked to FUD (fear, uncertainty and doubt) caused by the ongoing war between Russia and Ukraine.
At the time of writing, Bitcoin is trading at $16,745. The market cap is $326.65 billion and the dominance over altcoins is 39.64%.
Whales Pick Top Stablecoins
The analytics company noted that stablecoins had also piqued the interest of the whales. As a result, they buy the best stablecoins, including USDT, DAI, and BUSD.
Santiment said the addresses of the whales that plucked on Tether (USDT) and Binance USD (BUSD) have coins valued between $100,000 and $10 million. It netted the whales a combined purchase of approximately $922.4 million for the two stablecoins in the past three days.
On separate records, Tether’s top addresses have amassed a combined worth of $817.5 million USDT coins. The deal represents an increase of more than 7% in their holdings before December 10, 2022.
For Binance USD (BUSD), the key addresses accumulated a combined value of $104.9 million for the coin. This is significant buying power in the past three days. In addition, it represents a 9% increase in their holdings before December 10, 2022.
