These investors start accumulating Bitcoin in hopes of getting Christmas presents
According to crypto analytics portal Santiment, 47,888 BTC were purchased by major cryptocurrency holders over the past five days. The accumulated number represents 0.24% of the entire Bitcoin supply.
What is no less curious is that the major accumulation was preceded by a 13-month Bitcoin dump, a particularly strong phase of which occurred this November and is associated with events surrounding the FTX exchange. In the first three weeks of the month, according to Santiment, whales holding between 100 and 10,000 BTC sold off 1.36% of the cryptocurrency’s total supply.
🐳 #Bitcoin‘s whales have now spent 13 months dumping their cumulative holdings as prices have slid. However, following a big push down in the first 3 weeks of November as #FTX news broke, 47,888 $BTC has been accumulated back in the past 5 days. https://t.co/pQZ6PHY5tW pic.twitter.com/VqTFHOvNY3
— Santiment (@santimentfeed) November 29, 2022
The volume of recent purchases is still many times lower than what was sold in November alone. This fact suggests that Bitcoin whales have decided to start accumulating cryptocurrency, given that a “Santa Rally” usually starts on the financial markets in December.
Betting that quotations will turn Christmas green, whales are probably going to accumulate BTC positions in the run-up, to then spread them out during that very rally.
Everyone is getting ready
It is not only large wallets that are accumulating but also smaller ones — holding between 0.1 and 10 BTC. As reported by U.Today, citing Glassnode, the number of such addresses reached an all-time high just two days ago.