In his tweet, Santiment tells how Bitcoin millionaires, or wallets holding 100 to 10,000 BTC, significantly boosted the number of Bitcoin assets in the last week of May.
According to blockchain intelligence firm Santiment, the top Bitcoin investors are taking advantage of the market dip to boost their holdings of Bitcoin.
“Bitcoin is currently trading around $35,400, following a marginal decline in price over the last day. However, holdings in the crucial BTC millionaire category that we measure have increased slightly. This week, addresses with 100 to 10,000 Bitcoins have gained around 30,000 Bitcoins.”
“We detect panic among crypto traders, and our weighted social sentiment data shows that BTC, ETH, ADA, DOT, XRP, and other big caps are experiencing mob fear.”
Santiment's results are supported by crypto tracking site Bitinfocharts.com, which shows one of the largest Bitcoin addresses accumulating Bitcoin throughout the final half of May following some major selling.
On April 12th and 14th, the fourth-largest wallet in existence sold a total of 3,000 Bitcoin as the leading crypto asset moved above $55,000. On May 7th and 9th, the whale resumed selling 6,000 BTC while the king cryptocurrency hovered above $55,000.
However, starting May 15th, the whale has been actively purchasing Bitcoins. According to BitInfoCharts, the major cryptocurrency owner has acquired 9,961 Bitcoins in the last two weeks.
Despite a crackdown by one of the world's largest economies, people in the ecosystem have labeled this decrease as a short-term correction.
“A nearly 40% drop in the price of bitcoin from its all-time high seems dramatic, but it is common in many volatile markets, including crypto, especially after such a strong rally. These corrections are primarily the result of short-term traders taking profits. Long-term value investors, like MicroStrategy, may view these reduced prices as a buying opportunity,” said Avinash Shekhar, Co-CEO of ZebPay, an India-based crypto exchange.