According to the data released by Santiment, it has been reported that Bitcoin Whales are still purchasing Bitcoin and most recently, 60k BTC purchases were recorded. Well, this has made it the biggest accumulation in a single day for the flagship cryptocurrency this year.
For those who are not familiar with the word “Whales,” this term is used with Bitcoin for the investors that have 100 to 10K Bitcoin in a single address.
The data further revealed that these addresses are holding over 9.12 million Bitcoin if combined at present, along with the information that this number is over 100K more than the data shared one and a half months ago.
It was not for the first time that the fear of the retail investors have pulled down the price of BTC when it has faced a backlash from giants.
However, the bulls and whales in the market witnessed this as a buying opportunity due to the price correction of around 50% in the asset.
Over the last six weeks, the whales have added around $3.6 billion worth of Bitcoin to their portfolios.
There is no denying the fact that the actions of whales directly impact the sentiment of the market and their actions accordingly.
The recent purchase by the whales led to a 5% increase in the price of BTC, marking the surge above the level of $35K yesterday before falling slightly today.
For the past decade, if the pattern of Bitcoin is to be followed for the month of July, it has been profitable in the majority.
BTC has recorded gains seven times in the month of July, which is more than double the losses in the same month standing at three times.