The most significant Bitcoin (BTC) investors have been taking advantage of the comparatively low prices to expand their holdings as the cryptocurrency market struggles to recover from the fall it has been experiencing in recent weeks.
According to statistics published by blockchain and crypto analytics platform Santiment on June 20th, Bitcoin whales, or crypto wallets holding 1,000 to 10,000 BTC, have gathered about 131,600 BTC (now valued at over $3.5 billion) in the previous 11 weeks.
Since the beginning of April, when the price of Bitcoin was around $4.51 million, Bitcoin whales have increased their collective accumulation supply to nearly $4.65 million at the time of publication, even though Bitcoin’s price has slightly decreased and remained relatively stagnant during this time, as the chart shows.
At press time, the leading decentralized finance (DeFi) asset was trading at $26,766, up 1.21% in the past 24 hours and 2.76% in the last seven days as it attempts to recover from a monthly loss of 1.14%.
On June 18, Finbold reported that TradingView member and cryptocurrency analyst Mihai_Iacob had noted that Bitcoin had shown remarkable resilience by effectively maintaining its position, writing that it had “held very well” despite widespread market uncertainty.
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