Whale quietly bottomed $2.4 billion in Bitcoin, setting an unprecedented holding record across the network

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Photo: The largest Bitcoin whales continue to fish the bottom of Bitcoin with an amount of up to 2.4 billion USD

Bitcoin (BTC) is going through a season of great volatility, spreading fear among traders around the world. Despite the volatility, the biggest Bitcoin whales are quietly increasing positions. This action set a new record high in BTC holdings across the network.

Muscle show of whales

Bitcoin whales are actively increasing their BTC holdings like never before.

Data from IntoTheBlock states that over 100,000 BTC have been acquired by giant whales. The above BTC added to whale wallets has pushed the holdings to over 16% during the past 30 days.

Photo: Parameter increasing Bitcoin holdings from whale wallets. Source: IntoTheBlock

The report notes that over 776,000 BTC is held by the five most powerful whale wallet addresses. Since the beginning of this year, whales seem to have officially entered the Bitcoin “shopping” season

Santiment also reported whales accumulating 12.8% of their wealth over the past 20 weeks.

“LARGE ADDRESSES INCLUDES PART OF ADDRESSES FROM EXCHANGE. THIS ADDRESS OWNS THE BIGGEST SUPPLY OF BTC OF THE YEAR,” SANTIMENT REPORT SAYS.

IntoTheBlock also said that the biggest whales are sticking very closely to the Bitcoin bottom-fishing strategy.

$17K Bitcoin Bottom – Whale Opportunity

Over the past 30 days, BTC has bottomed out at $17,708. While BTC market cap drops below $1 trillion ahead of crypto winter.

Market sentiment quickly turned from optimism to darkness and fear. BTC immediately met with panic selling from retail investors, and this is the best opportunity for whales to conveniently accumulate.

Against that backdrop, one Twitter user commented:

“YOU COME TO CRYPTO BECAUSE YOU HAVE NO SITUATION IN THE FIT GAME. NOW YOU SHOULD SELL YOUR COINS AND YOU WILL LOSE THE ONLY POSITION OF YOURSELF. THAT IS A Genius Decision!”

Whale holdings have a profound effect on the crypto ecosystem. This is inevitable because just a few news about the release of whales can cause asset prices to plummet.

On the contrary, the report of accumulation and HODL of Bitcoin whales can lead to an increase in the asset price.

Who is the biggest Bitcoin whale?

According to BitInfoCharts, the largest Bitcoin whale is currently a Binance cold wallet with 252,597 BTC. Following closely behind this unique position is Bitfinex with 168,010 BTC.

Michael Saylor, CEO of MicroStrategy, holds over 129,000 BTC after his last purchase with $191 million.

Other top Bitcoin whales include listed companies like Tesla, Galaxy Digital Holdings, and Square Inc.

The Winklevoss twins, Micree Zhan, Chris Larsen, and Changpeng Zhao are rumored to be among the largest individual Bitcoin holders.

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