Categories: Crypto NewsNews

Bitcoin whales purchase over 52,000 BTCs during price drop

Published by
Nonhlanhla P Dube

Bitcoin (BTC) has recovered to trade over the critical R353K price mark. However, it is still down 30 % in the last 30 days. Meanwhile, large whales have taken advantage of the chance to boost their Bitcoin holdings.

Bitcoin fell 56% in the second quarter

According to Santiment, Bitcoin whales with 10 to 100 BTCs have taken advantage of the recent drop. Over the last five weeks, they have added around 52K more Bitcoins to their wallets.

Meanwhile, Bitcoin’s price has retraced -27 %. This rise has brought their Bitcoin holdings to 4.29 million.

At the time of publication, Bitcoin was trading at an average price of R364.6K. Its prices have risen by 13 % in the last seven days. However, it has had the worst quarterly price loss in the last 11 years.

Prices fell by 56% in the second quarter of 2022. This is BTC’s second-worst quarterly result in its history. This price change has prompted the whales to purchase additional tokens.

Whales on a purchasing spree

Meanwhile, the 24-hour trading volume of Bitcoin has increased by R917 billion. However, its dominance has grown as a result of the recent price increase. According to the survey, a negative macroeconomic outlook has impacted the worldwide crypto industry.

According to Coingape, the price of Bitcoin fell by more than 37% in June 2022. The greatest BTC whale added 786 bitcoins in the first week of July. It also added BTCs worth more than R269 million. The whale currently has around R22 million in Bitcoins. It is now worth roughly R44 billion.

According to Glassnode, whales with more than 1,000 BTC have just gone into a huge buying frenzy. These whales have been accumulating approximately 140K BTCs every month, directly from exchanges. Whales own approximately 8.7 million Bitcoins. It is estimated to be roughly 45.6 % of the supply.

Share
Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Bitcoin
%%footer%%