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Bitcoin (BTC) whales are on the rise after a recent price dip, having purchased an additional 53,600 BTC over the last four weeks. This significant accumulation is impacting the market.
Bitcoin whales—defined as addresses holding between 10 and 10,000 BTC—control 67.77% of the total supply. Data from Santiment shows that these wallets have continued to increase their holdings despite the price fluctuations that occurred in April. Since March 22, these addresses have acquired an additional 53,652 BTC.
As the price of Bitcoin approaches the $85,000 mark, the accumulation by these large wallets is garnering attention. This activity by the whales may lead to increased buying interest in the market. Given that these wallets hold a substantial portion of Bitcoin's supply, they could play a crucial role in influencing the price.
The accumulation of Bitcoin by whales offers insights into the potential future direction of the market. These large wallets are often viewed as long-term investors, which strengthens Bitcoin’s position as a store of value.
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