These investors start accumulating Bitcoin in hopes of getting Christmas presents
According to cryptocurrency analytics portal Sentiment, 47,888 BTC were bought by major cryptocurrency holders over the past five days. The accumulated number represents 0.24% of the entire bitcoin supply.
What is no less curious is that the major accumulation was preceded by a 13-month Bitcoin dump, a particularly strong phase of which occurred this November and is associated with events surrounding the FTX exchange. In the first three weeks of the month, according to Santiment, whales holding between 100 and 10,000 BTC sold off 1.36% of the cryptocurrency’s total supply.
The volume of recent purchases is still several times less than the volume sold in November. This fact suggests that bitcoin whales have decided to start hoarding the cryptocurrency, given that the “Santa rally” usually begins in financial markets in December.
Betting that quotations will turn Christmas green, whales are probably going to accumulate BTC positions in the run-up, to then spread them out during that very rally.
everyone is getting ready
It is not only the large wallets that are accumulating but also the smaller ones – between 0.1 and 10 BTC. As U.Today reported, citing Glassnode, the number of such addresses reached an all-time high just two days ago.
