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Bitcoin has seen both ups and downs in the past month as various developments in the sector have driven the price of the digital asset into a pull-and-push trend. However, investors have remained unaffected by the cryptocurrency’s movements and have chosen to continue accumulating. This accumulation trend is more prominent among shark and whale BTC addresses, which have added 71,000 BTC to their holdings.
Bitcoin sharks and whales bought $2.15 billion worth of BTC
Bitcoin sharks and whales have been at one of their most active points in the past month, according to on-chain data aggregator platform Sentiment. The data aggregator shared on Twitter that these shark and whale addresses have bought a whopping $2.15 billion worth of BTC in less than a month.
The shark and whale addresses being mentioned in this report are worth between 10-10,000 BTC. This puts the lower band for these holders at $300,000 and the upper band at $300 million. This means that these are addresses that have the means to buy large amounts of BTC.
Sentiment shows that these shark and whale addresses began accumulating on June 17th, and by July 8th, they had added a total of 71,000 BTC to their holdings. A look at the bitcoin price charts for the past month shows that these addresses have started accumulating the digital asset at a low of around $27,000. He then continued to buy coins in the $30,000-$31,000 range.
Sharks and whales buy $2.15 billion worth of BTC | Source: Santiment
The biggest increase in his balance during this period appears to have occurred around June 26, when the chart showed BTC trending at $30,300. Overall, his holdings went from 12.95 million BTC to 13.02 million BTC in a span of 21 days.
Is it time to sell?
According to the chart shared by Sentiment, it appears that these bitcoin shark and whale addresses have already seen some selling, which may indicate a cool-off period before they start selling again. There was a significant decline in their holdings at the end of June as well as on July 7, indicating a selling point.
BTC price reclaims $30,300 | Source: BTCUSD on TradingView.com
Furthermore, it is important to note that the prices at which these addresses have accumulated most of their holdings are barely at any profit. So with the BTC price still hovering around $30,000, it is closer to the average at which these addresses are bought, which is probably around the $29,000 range. So for now, these addresses can hold the potential for better prices before they sell.
If this is the case, then this is probably a good time to get into the market as these large holders clearly see this as a good entry point. However, these large addresses can move the market, and if there is a massive sell-off in them, the price of BTC may decline.
At the time of writing, BTC is trading at $30,300, showing a loss of 0.09% over the past 24 hours.
