Whales spotted buying massive amounts of Bitcoin this week
According to Santiment’s analytical reports, large crypto holders ("whales") keep actively buying bitcoin and other coins this week, despite the high exchange rate. Since the beginning of this month, whales have boosted their BTC wallets' balances by more than 10%. Over the last 5 days, 43,000 bitcoins worth about $2.8 billion have been bought at exchanges. And that's not even including the OTC deals. Santiment suggests that such increased demand has been one of the drivers of Bitcoin price climbing up to $68,500.
As for large purchases, whales have been getting active in the market since the middle of last month. In the previous 25 days, they bought nearly 100,000 BTC worth over $6 billion.
Such whale activity points to just one thing. Namely, institutional investors and large retail holders of cryptocurrencies are expecting further growth. They keep building up their wallet balances even though the top coins have now reached their ATH.
As a reminder, the "whales" (owning from 10,000 to 100,000 BTC on one or more wallets) are mainly professional asset managers and experienced investors who deeply grasp market trends.