Bitcoin whales, addresses holding between 1,000 and 10,000 BTC, have expanded their respective portfolios in the last 48 hours. According to Santiment, large Bitcoin wallets have added almost 40,000 coins to their holdings in the past 2 days.
As of today, BTC whales are holding the same number of coins as they were before the recent dump started. As a result of the latest accumulation, the price of Bitcoin spiked above $42,500. BTCs crypto market dominance has also surged during the mentioned period.
“Bitcoin has rebounded and is +$1,000 in price the past 5 hours. Now sitting at $42.4k, this comes after whales have accumulated 40k more BTC in the past 2 days alone. They now are back to owning the same amount from before their dump began at $49k,” Santiment noted in its report.
Throughout the crypto market corrections in 2021, long-term BTC holders avoided panic selling. In fact, the data indicates that most of them increased their holdings and bought the dip.
Bulls vs Bears
While Bitcoin bulls enjoyed significant price jumps in 2021, bears have pushed the price of BTC substantially lower during the first two weeks of 2022. The crypto asset is currently trading almost 35% down from its all-time high. Due to the market dump, approximately 30% of the circulating BTC supply has fallen into an unrealized loss.
“As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric. This magnitude of 'top heavy supply' was defended in two instances in the last few years: May 2020 – July 2020, the quiet recovery period following the extreme move downwards from Covid-related panic. May 2021 – July 2021, the choppy and accumulative period following a historical deleveraging event,” Glassnode highlighted.
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