Large holders of the flagship cryptocurrency Bitcoin ($BTC) amassed a total of $4.4 billion in the cryptocurrency when it began to soar from $16,000 to its current $21,000 level last month.
According to statistics from the on-chain analytics firm Santiment, Bitcoin shark addresses owning between 10 and 100 $BTC were the first to begin stockpiling, amassing 105,600 coins worth more than $2.2 billion in just 10 weeks and arresting the slide of $BTC at $16,000.
Smaller Bitcoin whales subsequently added over 67,000 $BTC, worth more than $1.4 billion, over an eight-week period as the cryptocurrency’s price recovered to trade at $18,000. Then, in just 10 days, larger whales amassed 37,100 $BTC, worth approximately $800 million at the time of writing, propelling the cryptocurrency’s price to $21,000.
Santiment noted that the data indicate net lows, which include the $BTC sales made by these significant cryptocurrency holders during these precise time periods. According to CryptoGlobe, Robert Kiyosaki, author of the acclaimed personal finance book series “Rich Dad Poor Dad,” has renewed his belief in Bitcoin.
The author has previously questioned the Federal Reserve’s approach to economic downturns and has recommended his followers to protect themselves from rising inflation by investing in assets such as silver, gold, and Bitcoin. He recently commented on Bitcoin’s recent price increase, calling it “excellent news for those who know inflation is permanent.”
Notably, as of January 13, approximately 13% of Bitcoin’s supply has returned to profitability, which “helps to confirm that a considerable amount of $BTC was acquired between $16.5k and $18.2k.” The accumulation could have a huge impact on the cryptocurrency’s future price performance, as the area has the potential to become a strong support zone where demand considerably outweighs supply.
