Bitcoin Whales Added More Than 40,000 Bitcoins To Their Wallets In The Last Two Days
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Answer Bitcoin Whales Added More Than 40,000 Bitcoins To Their Wallets In The Last Two Days
Bitcoin whales see the recent bitcoin decline as an opportunity to boost their bitcoin wallets.
Bitcoin whales, represented by wallet addresses holding between 1,000 and 10,000 Bitcoin, have expanded their own wallets in the past 48 hours.
According to Santiment, large Bitcoin wallets have added nearly 40,000 BTC to their holdings in the past two days.
As of today, BTC whales are holding the same number of coins as they did before the latest decline began.
As a result of the recent buildup, the price of Bitcoin soared to over $42,000.
In addition, the dominance of Bitcoin in the cryptocurrency market increased during the mentioned period.
Read:Technical Analysis: A look at the Bitcoin chart and the most important support and resistance areas
Bitcoin has rebounded and is over $1000 in price in the last 5 hours.
Bitcoin is now trading at $42,000, this comes after whales have amassed 40,000 more BTC in just the past two days.
The whales are now back in possession of the same amount before it started declining at $49,000, which was confirmed by Santment data.
During periods of the crypto market correction in 2021, long-term bitcoin holders avoided panic selling.
The data indicates that most bitcoin holders increased their holdings and bought the dip.
Bulls and bears:
While the bitcoin bulls enjoyed big price jumps in 2021, the bears pushed the bitcoin price significantly lower during the first two weeks of 2022.
Bitcoin is currently trading around 35% off its all-time high.
Read:Bitcoin balance on trading platforms reaches its lowest level in 4 years
Due to the market flooding, nearly 30% of the bitcoin supply in circulation has fallen into an unrealized loss.
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