Bitcoin has been experiencing high volatility in recent months. The flagship cryptocurrency is yet to perform as expected, since its third halving event, which occurred on May 11.
Many cryptocurrency traders and investors expected that the event (Bitcoin halving) would boost Bitcoin’s bullish run in the short and mid-term.
Bitcoin addresses that own at least a hundred Bitcoins have increased their ownership level to another 12,000, according to data obtained from a cryptocurrency analytic firm, Santiment Research Company.
The new purchase is worth around $108 million based on the current market prices. The research company stated that, “Since Bitcoin’s drop below $9,500 on May 20, addresses holding 100 or more Bitcoin have added another 12,000 BTC to their bags – more than $108,000,000 at current prices.”
1/ Are $BTC whales back to accumulating? 🤔
Since Bitcoin's drop below $9,500 on May 20th, addresses holding 100 or more #Bitcoin have added another 12,000 $BTC to their bags – more than $108,000,000 at current prices.
Since the start of the year, these addresses have shown a pic.twitter.com/jWOLuKbnwA
— Santiment (@santimentfeed) May 26, 2020
What are Bitcoin whales? In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1,000 Bitcoins or more.
(READ MORE: Bitcoin is performing better than gold)
Most cryptocurrency traders are taking positions into Bitcoin’s relatively low prices, with many of them expecting it to rise after the recent Bitcoin halving event.
Santiment Research Company also gave details showing that the Bitcoin addresses that have shown notable behavioral patterns since the beginning of the year might see history playing out again. It said, “Since the start of the year, these addresses have shown a propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?”
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2/ propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?
Check out more $BTC whale metrics on the most comprehensive on-chain and social metrics #crypto platform for FREE! https://t.co/b87hnzT6aV
— Santiment (@santimentfeed) May 26, 2020
Some investors are waiting on the sidelines to see how this situation unfolds. While it is difficult to predict market movements, Bitcoin whales have always shown historically that they often determine Bitcoin’s trend.
