Prominent market intelligence platform Santiment has disclosed how influential Bitcoin investors took a store of over $3.46 billion in Bitcoin, with the asset now re-entering the $70K range.
Bitcoin has increased by over 6% since the last day, reaching its current daily peak of $71,500 from a low of $67,200. Meanwhile, the leading crypto has surged 17.67% from the $60,807 low recorded six days ago.
Bitcoin’s re-entry into the $70K threshold precisely two weeks after it began correcting recent gains has caught investors off guard. Market intelligence platform Santiment took to X to pinpoint the factor influencing the swift rebound in Bitcoin’s bull trajectory.
Whale Accumulating $3.46B Bitcoin in One Day
According to Santiment, significant Bitcoin stakeholders experienced one of the most substantial accumulation days in recent years. In particular, the market tracker disclosed that on March 24 alone, wallets holding between 10 to 10,000 BTC collectively acquired 51,959 BTC tokens.
At Sunday’s intraday high of $66,623, the accumulated tokens amount to a staggering $3,461,703,426 ($3.46 billion). Moreover, Santiment emphasized that this figure translates to 0.263% of the currently available BTC supply procured in just a day.
🐳📈 #Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years.
🔼51,959 collective #Bitcoin were accumulated by wallets that hold between 10-10K $BTC on… pic.twitter.com/vT4fRUVYs7
— Santiment (@santimentfeed) March 25, 2024
Historical Observations from this Accumulation
Furthermore, following the $3.46 billion Bitcoin accumulation, the cumulative BTC balance on wallets holding between 10 and 10,000 BTC increased to its highest mark since July 2022.
Moreover, the report highlighted that these wallets possessed the highest Bitcoin supply ratio since July 2023. Specifically, this group of Bitcoin investors commands 67% of Bitcoin’s supply, with 13.10 million tokens in their possession.
At the same time, addresses holding 100K to 10 million USDT held near their lowest levels of USDT since January 2023, suggesting they pivoted to volatile tokens. A similar trend is observable with wallets holding 100K to 10 million USDC.
More Bullish Sentiments
Interestingly, Santiment noted that as the crypto market approaches the final three weeks before the halving , it would be unsurprising to witness further expansion in the wallets holding between 10 to 10,000 BTC.
Santiment emphasized that, ideally, this ongoing accumulation should not occur solely at the expense of whale and shark holdings in stablecoins like USDT and USDC. It stated that their “dry powder” remains a crucial component, ensuring the ability to exchange for additional crypto at any moment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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