Bitcoin Whales Accumulate $3.2 Billion in Bitcoin Since December
According to a Blocktrends analyst, major holders of Bitcoin have begun purchasing large quantities of the cryptocurrency after its price declined at the end of 2024 following reaching a record high of six figures.
Cauê Oliveira, head of research at Blocktrends, reported in a post on CryptoQuant that institutional investors have accumulated over 34,000 Bitcoin, equal to approximately $3.2 billion, contributing to the current rebound in the cryptocurrency’s value.
Oliveira noted that this uptick in buying came after wallets holding 1,000 to 10,000 BTC dumped 79,000 BTC in the week following December 21, shortly after Bitcoin reached a peak of more than $108,000 on December 17 due to the US Federal Reserve’s interest rate cut.
This drop in price resulted in a 15% correction. However, large buyers took advantage of this market consolidation and began purchasing Bitcoin in smaller batches, accumulating the cryptocurrency at a price below $95,000.
