Since April 5, the richest addresses in bitcoin (BTC) have collectively accumulated an average of 90,000 new units of the cryptoasset ($ 4.7 billion). This action of storing large quantities gained intensity in recent days when the market went through the most severe fall of the year.
Market participants, characterized by owning more than 10,000 bitcoins, accumulated more BTC when the price fell below $ 48,000 on April 26. In 23 days, these whales added 90,000 more assets to their portfolios, warned Santiment, a company that analyzes data on the blockchain of the cryptocurrency pioneer.
This is how the richest in bitcoins show that they value falling prices and profit from it to buy more, as fear spreads and “weak hands” drop their belongings.
Now these richest addresses own at least 16% of the circulating supply of bitcoin, considering that there are around 18 million units in circulation. It means that the amount accumulated by these whales is at its highest peak in the last five months, adds the firm.
On April 14, the price of bitcoin touched $ 64,000, but fell to a low of $ 47,000 on April 26. At the time of writing, the cryptocurrency is trading close to $ 52,700, according to CoinMarKetCap.
Bitcoin in strong vs weak hands
Cryptocurrency market analyst Willy Woo also warned, during the BTC price drop, that crypto assets released by weak hands continue to drift into accumulators. They are what he defines as the “Rick Astley of this world”, referring to the singer who popularized the song Never Gonna Give You Up or I’ll never abandon you.
Applied to the bitcoin ecosystem, Woo refers to hodlers, those who never get rid of their coins, facing fear, uncertainty and doubt or FUD, which tends to seize those who sell their funds at any price drop.
This behavior of the accounts that accumulate more, was observed by Coin Metrics at the beginning of the year when it pointed out that the large holders do not get discouraged and continue to accumulate coins when the price decreases, as reported by CriptoNoticias at the time.
In January, when the cryptocurrency fell 17%, going from $ 40,000 to $ 31,400 per unit, the number of addresses with at least 1,000 BTC increased by 11%, registering 243 new addresses, compared to 2,200 previously recorded. . The figure indicated that the number of large BTC holders continued to rise as retailers shed their positions.
Also bitcoin miners are selling their coins less and less and have been withholding their funds for the past few months. Currently, transactions from miners to exchanges have fallen to the levels of last October.
While some accumulate, 4.2 billion in bitcoin options expire on April 30, which generates expectations in the market, since in previous months this date has caused an upward movement in the value of the cryptocurrency.
