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Bitcoin and the crypto market have been seeing most of the crypto prices in the red of late, with little hope for an improvement, at least based on the charts. Fears and skepticism about the asset class have been on the rise over the past few weeks.
However, despite the recent trend in the market, the primary crypto asset, Bitcoin, is registering an increase in whale transactions. Hundreds of millions of dollars worth of big shots collected the most BTC in the last fortnight.
Bitcoin is getting massive whaling
According to data from Sentiment, a crypto analytics firm, whales have accumulated the most bitcoin tokens in the past nine days. It noted that the crypto is worth more than $726 million at current market exchange rates.
Bitcoin addresses holding between 100 and 10,000 BTC tokens are buying even more, according to Sentiment. Also, the company noted that these addresses saw rapid growth in three weeks.
The analytics firm cited around 159 new addresses holding between 100 and 10,000 BTC in the past three weeks. According to the data, this is the fastest growth such addresses have experienced in 10 months.
A swing in addresses could be linked to FUD (Fear, Uncertainty and Doubt) caused by the ongoing Russia-Ukraine war.
At the time of writing, Bitcoin is trading at $16,745. Its market capitalization is $326.65 billion, and its dominance over altcoins is 39.64%.
Whales pick the best stablecoins
The analyst firm noted that stablecoins have also attracted the interest of whales. As a result, they buy top stablecoins like USDT, DAI and BUSD.
Sentiment noted that the whales’ addresses taken on Tether (USDT) and Binance USD (BUSD) contained between $100,000 and $10 million worth of coins. Over the past three days, whales have bought a total of about $922.4 million for the two stablecoins.
In separate filings, Tether’s primary addresses have amassed a collective value of $817.5 million USDT coins. The deal represents a more than 7% increase in their shares before December 10, 2022.
For Binance USD (BUSD), key addresses accumulated a total value of $104.9 million of the coin. This has been a significant buying power over the past three days. Also, this represents a 9% increase in their stake before December 10, 2022.
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