Data from crypto analytics firm Santiment has shown that whales — noted to be a collective of 15,848 addresses — have been amassing Bitcoin tokens in the past 9 days, which is worth over $726 million as of writing.
These addresses, holding over 100 BTC up to 10000 BTC, are shown to still be purchasing more of them, experiencing rapid growth over the past three weeks.
Alongside BTC, they have also been hoarding stablecoins including USDT, BUSD and DAI, estimated to be holding $100,000 to $10 million’s worth of USDT & BUSD. These, combined with the aforementioned BTC, makes up a total of $922.4 million.
It is interesting to note that these addresses only make up less than 0.04% of all BTC addresses. This is after considering the addition of 159 new addresses in this category, which has also saw the biggest growth in 10 months, Santiment reports.
It is suspected that this swing may be brought about by fears, uncertainty and doubts (FUD) stemming from the Russia-Ukraine war.
As of writing, Bitcoin is trading at $16,727.49, with a market cap of approximately $321.8 billion.
