Bitcoin Whales Accumulated $941M BTC As Prices Drop, What Does This Mean?

The amount of Bitcoin whales accumulated in the past few days increased their holdings by 15,121 BTC as prices drop, bringing their collective stash to its highest level in two weeks.

Bitcoin whales have begun to make substantial BTC purchasing moves, signaling market participants’ entrance into a re-accumulation phase.

According to a tweet by blockchain analytics platform Santiment, large investors holding 1,000 to 10,000 BTC collectively accumulated more than $941 million worth of the asset in the past 24 hours.

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As #Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks. https://t.co/NkYwRsc8Pd pic.twitter.com/LWAt03TgUP

— Santiment (@santimentfeed) May 8, 2024

Bitcoin Whales Accumulate BTC

The amount of BTC whales accumulated in the past 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to its highest level in two weeks.

Santiment said this move signifies whales’ confidence in the Bitcoin market.

The resurgence of BTC accumulation by whales comes after weeks of massive selling and profit-taking.

Bitcoinworld reported in late April that on-chain analysts highlighted a surge in inflows to centralized crypto exchanges, dominated by assets from Bitcoin whales.

This was after the market participants witnessed a spike in their unrealized profits following BTC’s surge past $60,000.

Currently, the cryptocurrency ranges between $60,000 and $64,000 and has been trading within that level for weeks, presenting an opportunity for investors to buy the dip in anticipation of the peak of the bull cycle.

Bitcoin Inflows Appear To Be Picking Up

Santiment’s analysis aligns with those of other on-chain experts, who have stated that inflows into the Bitcoin network appear to be picking up.

Last week, Bitcoin whales purchased 47,000 BTC worth more than $2.8 billion within 24 hours. CryptoQuant CEO Ki Young Ju said the large accumulation signaled the beginning of a new era for the leading cryptocurrency.

Popular Bitcoin analyst Willy Woo recently said in an X post that BTC investors appear to be accumulating the digital asset again; however, it may take a week to confirm the trend reversal correctly.

Early signs, if I squint *just right*, that flows into the #Bitcoin network are picking up again. Probably needs another week to confirm this trend reversal properly.

Lighter blue is the net flows from US Spot ETFs. pic.twitter.com/MNau2edkeo

— Willy Woo (@woonomic) May 9, 2024

Earlier this week, analysts at crypto exchange Bitfinex said some on-chain metrics suggest that selling pressure from BTC investors may be waning, indicating that a price recovery may be on the horizon.

In addition, the United States spot Bitcoin exchange-traded fund market is seeing more positive flows than last week. While the market recorded only one day of inflows last week, it has seen two this week.

The latest move by Bitcoin whales signals the onset of a post-halving re-accumulation phase, which is expected to last weeks before the bulls take over.