Bitcoin, the leading cryptocurrency, has been facing significant negativity in the market, with prices remaining bearish. However, it has not deterred large investors from accumulating more Bitcoin in their portfolios. These investors, who hold over $600,000 worth of Bitcoin, have been actively increasing their holdings over the past six months.
On-chain data from Santiment indicates that investors with wallets holding more than 10 BTC have been steadily accumulating Bitcoin over the last six months. The data shows that these holders have collectively increased their holdings by 1.07% during this period, amounting to more than 5,000 BTC. Interestingly, this accumulation trend has been consistent, with buying activity picking up whenever the Bitcoin price experiences a downturn.
For instance, when Bitcoin prices crashed in early May, these large wallets significantly increased their buying activity. Once again, as the price struggles to stay above $60,000, they have once again started buying more Bitcoin. In the last month alone, their holdings have surged, reaching a total of 16.17 million BTC.
Another key indication of aggressive Bitcoin buying by these whales is the change in their USDT and USDC holdings. Typically, investors hold stablecoins to mitigate market volatility and wait for favorable prices. However, as prices drop significantly, they shift their focus to buying assets like Bitcoin, leading to a decline in stablecoin balances.
Santiment’s report highlights a decrease in USDT and USDC holdings among large investors holding between $100,000 and $1 million worth of Bitcoin. USDC holdings have dropped by 1.99% in the last six months, comprising 34.2% of the total supply. On the other hand, USDT holdings have seen a more significant decrease of 5.37%, now accounting for 30.3% of the total supply. This shift indicates a growing interest in Bitcoin accumulation at lower price levels, signaling optimism for a potential price recovery.
If buying activity among these whales continues at its current pace, it could establish a strong support level for the Bitcoin price around $60,000. This renewed interest in accumulating Bitcoin, despite market headwinds, raises the possibility of a price rebound in the near future. As institutional investors and large holders continue to increase their Bitcoin holdings, the overall market sentiment towards the cryptocurrency remains positive.
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