BTC whales accumulate as price recovers.

Recent on-chain data suggests that Bitcoin whales have been accumulating more of the cryptocurrency as it tries to recover from its recent dip.

Bitcoin Whales Have Continued To Add To Their Holdings Recently

According to data from Santiment, an on-chain analytics firm, whales have purchased approximately $3.5 billion worth of Bitcoin since the first week of April. The “BTC Supply Distribution” indicator is relevant here, as it shows the total amount of Bitcoin held by each wallet group in the market.

Wallet groups refer to cohorts of addresses divided based on the total number of coins they hold. In the current discussion, the 1,000-10,000 coins group is of interest.

Naturally, this group includes all addresses or investors holding at least 1,000 BTC and at most 10,000 BTC. As the only holders of such large wallets are the whales, this group can provide insight into the behavior of these massive investors.

If the Supply Distribution is applied to this specific cohort, it tracks the combined amount of Bitcoin currently held by all whales that fall within this range.

Here is a chart that shows the trend in the BTC Supply Distribution for whales over the last few months:

The value of the metric seems to have been going up in recent days | Source: Santiment on Twitter

As shown in the graph above, the 1,000-10,000 coins group has recently seen an increase in its supply. Since the first week of April, the whales have added around 131,600 BTC (worth about $3.5 billion at the current exchange rate) to their wallets.

It appears that these massive Bitcoin investors were continually adding to their wallets as the price was dropping, possibly in an attempt to catch the bottom.

Recently, however, the group slowed down as the decline showed no signs of stopping, and fresh FUD (fear, uncertainty, and doubt) like the SEC charges against Binance and Coinbase emerged in the market.

A few days ago, when Bitcoin fell below $25,000, the whales’ supply began to rise rapidly, indicating that this cohort was heavily buying at low prices.

While buying is generally a bullish sign for the price, it seems to have held up for the asset this time as well, since the coin has shown some recovery efforts since this latest buying spree from these holders began, with the price even briefly surpassing $27,000 during the past day.

So far, the whales have not shown any signs of stopping their recent accumulation streak, and their supply has now risen to a seven-month high of 4.65 million BTC.

BTC Price

At the time of writing, Bitcoin is trading around $26,700, up 2% in the last week.

BTC has been making a recovery push | Source: BTCUSD on TradingView

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