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The cryptocurrency market‘s volatility over the past three months has scared investors. Many are currently holding altcoins at a loss. Some have already exited the market by selling at a loss. On the other hand, whale activity in the cryptocurrency field continues. An important comment has been made regarding this activity. Let’s look at the evaluations.
Analyst’s Striking Comment on Bitcoin Whales
A well-known analyst in the cryptocurrency market, CryptoRand, has recently examined the movements made by large Bitcoin (BTC) holders. The analysis shared on social media platform X focused on data provided by Santiment.
According to the data, as of July 1, 2024, wallets containing 10 or more BTC reached a total of 16.17 million BTC, marking a 1.07% increase over the last six months. This indicates a steady rise in BTC accumulation by whales despite market price volatility.
Decreases in USDT and USDC Holdings
The same analysis also noted a decrease in USDT and USDC holdings in wallets with large balances ranging from 100,000 to 10,000,000 units. Over the past six months, USDT holdings decreased by 5.37%, and USDC holdings decreased by 1.99%. This decline can be explained by large holders redirecting their stablecoin assets to Bitcoin, seeing BTC as a more attractive investment.
The Santiment chart, along with background bars showing BTC price movements, also reflected market fluctuations. However, the consistent BTC accumulation by large investors stood out as a significant indicator of their confidence in Bitcoin’s resilience and long-term growth potential.
CryptoRand’s analysis highlighted the efforts of whales to strengthen their BTC positions and the optimism regarding Bitcoin’s future trajectory. This situation reflected a strong belief in the long-term potential of the cryptocurrency among large Bitcoin holders despite market volatility.
On the other hand, the duration of whale activity and the withdrawal of assets from exchanges by whales can be seen as a sign of an expected rise in BTC. Finally, looking at the price of Bitcoin, the flagship of cryptocurrencies, BTC was trading at $57,774 at the time of writing.
