Bitcoin (BTC) prices have dropped by over 33% over the past 30 days. However, the BTC whales have utilized this price drop by increasing their holding. Giga whales Bitcoin holding has hit a new record.
Wallet holding up by 16% in last 30 days
The recent price drop has proved to be great a accumulation opportunity for the whales. According to IntoTheblock, the amount of Bitcoins held by the wallets with over 100k recorded a new high on Friday.
It added that over 776K BTCs are held by just 5 addresses. These wallets’ holding has increased by 16% in the past 30 days. The total Bitcoin holding values around $16 billion. This is a huge amount held by any entity and laying off these holdings can prove terrible for the market.
The world’s largest cryptocurrency price has registered a considerable drop over the past few months. This was caused due to mass selling by the holders over the anticipated increase in Fed interest rates. Bitcoin price dropped down to touch the 17K price level on June 19, 2022.
BTC miners selling rate jumps 100% in May
It is important to note that the accumulation rate spiked in the second week of May when the BTC price dropped below the $35k price level. However, it gained momentum when Bitcoin’s price went to touch the $26k price zone.
