Bitcoin Whale Alert: $3.5 Billion Accumulated, Price Climbs Back Above $27,000
Bitcoin Whale Accumulation Amidst Price Volatility
According to Santiment, a market intelligence platform, Bitcoin whales have been actively accumulating more Bitcoin amidst the price decline witnessed in recent months. Wallets holding between 1,000 and 10,000 BTC have collectively acquired a staggering $3.5 billion worth of the cryptocurrency since the first week of April.
Whale accumulation typically indicates a positive outlook, as these investors tend to have a long-term perspective and may anticipate future price appreciation.
Santiment also shared its latest insight highlighting the rise in BTC whale transactions and the contrasting responses to Blackrock and SEC lawsuits.
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Must ReadBitcoin Price Action
American multinational investment giant BlackRock filing for a spot Bitcoin Exchange Traded Fund (ETF) application with the United States Securities and Exchange Commission (SEC) raised the bullish momentum for Bitcoin.
As of today, Bitcoin is trading at $26,869.12, showcasing relatively stable consolidation above the $27,000 level. The cryptocurrency’s 24-hour low of $26,338.54 and high of $27,147.47 highlight a narrow trading range.
CoinGape covered how Bitcoin price has recovered mid-June after crashing down following lawsuits and regulatory uncertainity. Looking back over the past few months, the cryptocurrency reached a recent high of $30,404 on April 14, 2023, but also experienced a significant dip to $20,187 on March 11.