Bitcoin (BTC) is now experiencing a price slump, but underlying the negative sentiments, the biggest whales are snatching up a slew of assets in order to expand their holdings. This pattern has been interpreted by some experts as confirmation that the asset is on the verge of a massive surge.

A tendency among huge Bitcoin whales has been discovered, according to Santiment, a major cryptocurrency analytic tool. Mega whales are addresses that have more than 10,000 bitcoins, and according to Santiment’s newest analysis, these whales currently control 12% of Bitcoin’s entire supply.

Mega Whales Are On A Bitcoin Shopping Spree, Having Acquired The Year's Largest Supply Of BTC new coins | BuyUcoin

“The mega whale addresses of Bitcoin comprised partially of exchange addresses, ow their highest supply of Bitcoin in a year,” wrote Santiment on Twitter. “We often analyze the 100 to 10K BTC addresses for alpha, but accumulation from this high tier can still be a promising sign.”

According to Santiment’s analysis, the last 20 weeks were crucial for mega whales amassing the asset, as they accumulated 12.8 percent more over this time frame. In the last three months, the largest cryptocurrency’s price has dropped by more than 25%, reaching lows of $28,000. These lows are in sharp contrast to BTC’s incredible highs of $68,000 in the fourth quarter of 2021.

This trend, according to Santiment, might mean significant rises for the asset price in the near future because it indicates tremendous institutional interest in Bitcoin. Market analysts agree with the findings of the analysis.

“In a surprise recovery, the world’s largest cryptocurrency Bitcoin (BTC) managed to give a successful weekly closing above $30,000, This was the first-ever positive close by Bitcoin over the last ten weeks.”

The mega-whales that are driving the rampage

The addresses linked to the buying spree include Binance, Bitfinex, OKEX, and other cryptocurrency exchange wallets. MicroStrategy, run by Michael Saylor, is another major player in the game, with a history of buying the dip. The company’s most recent Bitcoin acquisition occurred in early April, when it paid $190.5 million for 4,167 BTC. MicroStrategy’s Bitcoin holdings exceed over 120,000 BTC, and Saylor has emphasised that the company’s Bitcoin strategy would not alter.

The unfavourable attitudes in the bitcoin market may have deterred retail investors. Guggenheim’s Scott Minerd, speaking at the World Economic Forum in Davos, sent shivers down the spines of crypto minnows by claiming that BTC may fall all the way to $8,000.

Mega Whales Are On A Bitcoin Shopping Spree, Having Acquired The Year's Largest Supply Of BTC image 2 | BuyUcoin

Bitcoin is currently trading at $31,412, an increase of 4% over the previous 24 hours. The asset’s transaction volumes are also increasing after a massive jump of 88.44 percent in a single day.

Source: Zycrypto

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