Bitcoin (BTC) Whales Splash $12 Billion In Accumulation Spree

• Bitcoin whales bought more coins worth $12.95 billion since the start of 2024.
• Retail impact on price has been insignificant as the number of new addresses dropped.
• Bullish momentum dropped, suggesting a downtrend to $49,941.

According to Santiment, Bitcoin (BTC) addresses that hold between 1,000 to 10,000 coins played significant roles in driving the price up. In most corners, Bitcoin’s climb to $52,000 has been attributed only to institutional demand. This was because of the increasing Bitcoin ETF inflows registered by several issuers.

However, a recent post by the crypto analysis tool showed that 1,000 to 10,000 BTC holding cohorts have accumulated $12.85 billion in 2024. On the other hand, the 100 to 1,000 group had let go of $7.89 billion within the same period.

Independent from the impressive volume happening with #Bitcoin #ETF's, there has been a distinct flip in the level of $BTC's supply being held by different sized wallets:

1K-10K $BTC wallets: $12.95B added in 2024
100-1K $BTC wallets: $7.89B dropped in 2024

(Cont) pic.twitter.com/BL7Mrj6kLq

— Santiment (@santimentfeed) February 16, 2024

Whales Take the Credit Not Retail

The increase …

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