Large Bitcoin ($BTC) investors acquired a total of $4.4 billion worth of the cryptocurrency as it began to surge from the $16,000 level observed last month to its current level of $21,000.
Bitcoin addresses with ten to one hundred $BTC were the first to begin accumulation, according to data from on-chain analytics company Santiment, adding 105,600 coins worth over $2.2 billion in only ten weeks while the price of $BTC stabilized at about $16,000.
Smaller Bitcoin whales added over 67,000 $BTC worth over $1.4 billion over a period of eight weeks as the price of the cryptocurrency returned to $18,000. Then, bigger whales gathered 37,100 $BTC, worth approximately $800 million at the time of writing, in only 10 days to boost the price of the cryptocurrency to $21,000.
Santiment noted that the data reflect net lows, i.e., they include sales of $BTC by these significant cryptocurrency holders within the specified time periods. Author of the best-selling “Rich Dad, Poor Dad” series, Robert Kiyosaki, has just reaffirmed his optimism towards Bitcoin, as reported by CryptoGlobe.
The author condemned the Federal Reserve’s prior reaction to economic consequences and recommended his readers invest in silver, gold, and Bitcoin to safeguard themselves against rising inflation. He recently remarked on the recent increase in Bitcoin’s price, describing it as “excellent news for those who understand that inflation is permanent.”
As of January 13, almost 13% of Bitcoin’s supply has earned a profit, which “helps to corroborate that a considerable volume of $BTC was bought between $16.5k and $18.2k.” The accumulation might have a big influence on the future price performance of the cryptocurrency, as the region could become a strong support zone where demand significantly exceeds supply.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.