Here Is How Much Mega Bitcoin Addresses Accumulated BTC In Past Seven-Weeks

Bitcoin Whales Bought the Dip, as 220,000 BTCs Were Accumulated Since December.

While small traders always run to safety during bear markets by converting their crypto assets to stablecoins, whale investors see the bear season as an opportunity to increase their crypto position by doing the exact opposite. 

The previous bear market that started in December 2021 is no different from others. New data suggests that Bitcoin (BTC) whales went on a shopping spree for the world’s largest cryptocurrency in the last seven weeks. 

Santiment Feed noted that Bitcoin whale address holdings of at least 1,000 BTC or more had added a combined 220,000 BTC since December 23, 2021. 

According to Santiment Feed, the development is the most rapid BTC accumulation the industry has seen since September 2019. 

? Mega whales of #Bitcoin have accumulated significantly the past 7 weeks. Addresses with 1,000 $BTC or more have added a combined 220,000 $BTC to their combined wallets since December 23rd, the most rapid accumulation we've seen since September, 2019. https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA

— Santiment (@santimentfeed) February 8, 2022

It is worth noting that the massive accumulation happened when the price of Bitcoin was on a significant correction. 

Recall that since BTC peaked at $69,000 in early November, the nascent asset class shredded nearly 50% of its total market capitalization as the price dipped below $33,000.

Whales Buying Bitcoin Dip

Multiple reports showed signs of whale accumulation, as thousands of Bitcoins were bought and transferred from exchanges to external addresses. 

Whale Stats has reported such incidents, including the transfer of 3,500 BTC worth around $121,791,190 at the time, to an unknown wallet. 

While it is difficult to trace a majority of the owners of the addresses, a large part of the accumulation was carried out by popular entities. 

MicroStrategy, which has been on a Bitcoin purchase spree since it announced its intention to convert its excess cash reserves to BTC, disclosed late last year that it added another 1,914 BTC. 

Its last Bitcoin purchase pushed its total BTC holding to 124,391 BTC. 

In a similar development in El Salvador, the Bitcoin-friendly was not left out of the whale BTC accumulation during the last dip. As reported, El Salvador disclosed that it added 410 BTC during the asset plunge at an average price of $36,500 per BTC.