Bitcoin Whales Accumulate $3.38 Billion in BTC in Less Than One Month

Bitcoin Whales are keeping busy buying BTC amid a price drop of the number one crypto from an all-time high of nearly $65,000 to below $40,000.

The crypto analytics firm Santiment released a recent report saying that Bitcoin addresses holding 100 to 10,000 BTC (aka whales) added a total of 90,000 BTC in the last 25 days – currently valued at $3,380,000,000.

According Santiment this group of BTC holders now accounts for nearly half of the circulating supply of the benchmark cryptocurrency.

“They now hold a 7-week high of 9.11 million BTC, currently worth a total of $366.89 billion at this time, and 48.7% of the total #Bitcoin supply.”

Also, according to Blockchain analytics firm Glassnode miners that power the network are now holding onto more of their BTC.

? #Bitcoin $BTC Miners' Outflow Volume (7d MA) just reached a 5-month low of $1,725,244.14

View metric:https://t.co/zngg8o2usZ pic.twitter.com/x4B0yrkSCO

— glassnode alerts (@glassnodealerts) June 16, 2021

Bitcoin outflows from miner addresses have dropped to about $1.7 million on weekly frame reaching the lowest level in the past five months.

It’s worth mentioning that Bitcoin crashed last month after Tesla CEO Elon Musk announced on Twitter that the electric car manufacturer suspended Bitcoin payments because of environmental concerns, possibly after being pressured by the company’s board of directors. Many of the directors hold positions in environmentally concerned entities and amid mass media’s attack on bitcoin’s alledged carbon emissions they became felt the pressure to act.

Enterprise analytics company Microstrategy, led by Bitcoin advocate Michael Saylor, which owns about 92,079 BTC, revealed in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to issue and sell additional shares to raise up to $1 billion to buy more Bitcoin. 

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