New data from digital asset analytics firm Santiment reveals that Bitcoin (BTC) whales amassed nearly $2 billion worth of crypto king during the most recent price drop.
Sanitation say that whales, or investors who own between 100 and 10,000 Bitcoin, have collectively added just over 64,000 BTC worth $1,875,819,869 to their stash since April 11.
“Bitcoin whales have been quietly building back up since earnings broke above $30,000 on April 11. Since this date, as prices faltered and fell slightly, addresses holding 100 to 10,000 BTC have collectively bagged 64,094 coins.”
Fellow market analysis firm IntoTheBlock reveals that over the past week, market participants have sent more than $1 billion in BTC to a centralized crypto exchange, where they could potentially be sold on the open market.
According to IntoTheBlock, crypto exchanges witnessed a significant increase in BTC deposits after false rumors spread that addresses related to the defunct exchange Mt.Gox had started moving funds.
Earlier this month, two long-dormant BTC whales awoke from years of slumber to shift millions of dollars from key crypto assets to market cap. A Satoshi-era whale that has been dormant since 2011 abruptly resurfaced and moved $10 million in BTC.
Another formerly dormant whale, which had previously transacted in December 2013, suddenly came to life and transferred more than $60 million worth of Bitcoin.
At the time of writing, Bitcoin is trading at $29,266.
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Featured image: Shutterstock/Stavtceva Iana
