Summary
- Bitcoin whale transactions hit the highest levels since April 2024.
- 10 to 1,000 BTC-holding wallets accumulated amidst the Crypto Black Monday.
According to the latest reports, Bitcoin whales have accumulated coins at the highest levels since April 2024 amidst the period of 5-6 August, when the Crypto Black Monday was unfolding.
On-chain data coming from Santiment revealed that wallets holding between 10 and 1,000 BTC rapidly accumulated the price dip that saw Bitcoin dropping below $50,000.
Santiment notes that there were 28,319 BTC transactions worth over $100,000 and 5,738 transactions worth over $1 million on the two dates while the crypto market was dropping.
This was reportedly the highest level of accumulation in four months, according to Santiment’s post on X.
On August 5, Bitcoin’s price dropped from over $60,000 to levels below $50,000, but it managed to rapidly bounce back following the dip.
At the moment of writing this article, BTC is trading above $57,000, up by over 0.5% in the past 24 hours.
Bitcoin Whales Bought $23B in BTC
Yesterday, we reported that according to data from CryptoQuant, 404,448 BTC worth around $23 billion have been moved to permanent addresses over the past month.
CryptoQuant CEO Ki Young Ju said in a post on X that this was clearly an accumulation phase, and he explained that something big is happening behind the scenes.
He also said that we will probably find out who the entities that have been buying Bitcoin at such a fast pace are in a year. According to him, these might turn out to be TradFi institutions, companies, governments, or others and they will announce in 2025 that they bought BTC in Q3 2024.
It’s also worth noting that yesterday. data from Lookonchain showed that Cumberland received $95 million in USDT from Tether Treasury and deposited it to exchanges including Coinbase, Kraken, OKX, and Forwarder.
Lookonchain also noted that Cumberland has injected $6.28 billion in USDT into the crypto market since October 20, 2023.