As the wider cryptocurrency market is going through a bit of a slowdown that has paused its previous rally, crypto assets seem to be taking a cue from the industry representative – Bitcoin (BTC), and things are looking good there, considering its whales have scooped up 20,000 BTC.
Specifically, Bitcoin’s largest holders, known as whales and sharks, have continued to accumulate their favorite coin throughout the mild dip from last week’s all-time high (ATH), having bought 20,061 BTC since August 13, according to Santiment data shared on August 18.
Whales and sharks continue hoarding Bitcoin
Indeed, wallets holding between 10 and 10,000 BTC have acquired this much as part of an accumulation of 225,320 BTC since March 22, and have indicated “notable correlation between this group’s holdings and the direction of future price movements for the majority of the past five years.”
Currently, Bitcoin is changing hands at the price of $115,485.55, recording an increase of 0.20% in the last 24 hours in the face of a 2.86% decline in the previous seven days and a drop of 2.08% on its monthly chart, per the latest CoinMarketCap information on August 19.
As a reminder, the bearish sentiment halting Bitcoin’s progress stems from the unexpectedly hot Producer Price Index (PPI) numbers for July, rising annually by 3.3% and cutting short the crypto surge triggered before that by soft Consumer Price Index (CPI) and other positive developments.
All things considered, Bitcoin’s future is looking good despite a temporary setback, particularly as the institutional interest in it isn’t showing signs of waning, as Michael Saylor’s Strategy (formerly MicroStrategy) has demonstrated by boosting its holdings to 629,376 BTC.
What do you think?
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