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During the current market turmoil, Bitcoin whales have aggressively purchased BTC, according to on-chain data analytics firm Santiment.
IMPORTANT NOTES
- Bitcoin wallets with balances ranging from 10 to 100 BTC bought BTC last month.
- These wallets held 52,000 Bitcoins in total.
- These wallets' total holdings have now risen to 4.9 million BTC.
According to a tweet from Santiment's official account, Bitcoin wallets with BTC balances ranging from 10 to 100 BTC have been actively accumulating the market's leading cryptocurrency since June.
🦈 #Bitcoin addresses holding between 10 to 100 $BTC have been stacking #Satoshis on this dip, and have collectively upped their holdings to 4.29M $BTC. In the past 5 weeks, as prices have retraced -27%, they have added 52K more coins to their wallets. https://t.co/lgKK1iP8Pr pic.twitter.com/FqIH57BGnb
— Santiment (@santimentfeed) July 9, 2022
These wallets have amassed a whopping 52,000 Bitcoins in the last few weeks. As of 11:11 p.m. ET, the price of 1 BTC was $20,547, implying that the value of 52,000 BTC was approximately $1.07 billion.
Santiment also pointed out that Bitcoin fell nearly 27 percent in June, when the majority of purchases were made. According to CoinMarketCap data, the world's largest cryptocurrency briefly fell below $18,000 in June.
According to the on-chain data firm, these wallets increased their total holdings to 4.9 million BTC.
Interestingly, as June came to a close, two of the most vocal Bitcoin supporters purchased additional BTC. El Salvador, the first country to recognize Bitcoin as legal tender last year, purchased 80 coins, while MicroStrategy, led by Michael Saylor, purchased 480 more.
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