Bitcoin has been facing a bearish trend in the market, but this hasn’t stopped large investors from accumulating significant amounts of BTC. According to on-chain data platform Santiment, investors holding more than $600,000 worth of Bitcoin have been increasing their holdings over the past six months.
The report reveals that wallets holding more than 10 BTC have collectively increased their holdings by 1.07% in the last six months, adding over 5,000 BTC to their wallets. Interestingly, these investors tend to buy more when the price of Bitcoin drops. For instance, in May when the price crashed, these wallets increased their buying activity.
As Bitcoin struggles to stay above $60,000, these large holders have once again started accumulating more BTC. Santiment’s data shows a significant increase in their holdings over the past month, totaling 16.17 million BTC.
Another indicator of aggressive buying by these whales is the decrease in their USDT and USDC holdings. Typically, investors hold stablecoins to avoid market volatility, but a drop in these holdings suggests a shift towards buying more Bitcoin at lower prices.
USDC holdings of these large wallets have dropped by 1.99% in the last six months, while USDT holdings have decreased by 5.37%. This indicates a willingness to buy Bitcoin at low prices in anticipation of a price recovery.
Overall, the continued accumulation of Bitcoin by these large investors could provide support for the price at $60,000 and potentially lead to a price increase in the future.