Bitcoin whales continue to accumulate more BTC while the network records a drop in wallets

Bitcoin is on the rise today. After experiencing a fluctuation in its price in recent days, Bitcoin (BTC) showed signs of recovery, entering a timid rise on February 7, remaining in the US$42,000 price zone. Given this scenario, Bitcoin whales continue to accumulate more tokens while the network records a drop in wallets.

According to data shared by cryptocurrency analyst Ali Martinez on February 7, currently, 73 new whales of the largest cryptocurrency are holding 1,000 BTC tokens or more, which equates to 3.66% growth over the past two weeks.

“Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 BTC or more, marking a 3.66% increase in two weeks,” he stated.

#Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl

— Ali (@ali_charts) February 7, 2024

In contrast, cryptocurrency analytics platform Santiment observed that Bitcoin wallets, which hold more than 0 coins, are showing a decline as the cryptocurrency market approaches its fourth week following the Securities and Exchange Commission’s approvals of 11 spot Bitcoin exchange-traded funds (ETFs). (SEC) of the USA.

“Bitcoin portfolios (with 0+ coins) are still shrinking as crypto approaches 4 weeks since SEC approvals of 11 Spot ETFs. This can be attributed to the FUD crowd and lower interest in direct ownership of $BTC due to other investment alternatives,” he wrote.

It is worth remembering that, while the price of Bitcoin suffered a downturn cycle that began after the start of trading in exchange-traded funds (ETFs), on January 11, Bitcoin whales took advantage of the low tide to accumulate more tokens in their portfolios.

At the time of publication, the price of Bitcoin was quoted at US$42,869.75, up 0.5% in the last 24 hours. In the last seven days, the price of Bitcoin has increased by 0.8%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.