2022 has been a tough year for the crypto-verse. The increased cases of bankruptcy and the dominance of the bears left the market painted red for the majority of the year. But whales seemed to be making the most of it.
The last week of September posed to be immensely detrimental for the Bitcoin [BTC] market. The king coin dropped to $18K multiple times causing panic among its investors. But a certain group of investors remained calm and viewed it as a prominent buying opportunity.
As per recent data curated by Santiment, Bitcoin whales were bagging a significant number of BTC over the past week. The platform pointed out that addresses holding 100 to 10K BTC witnessed a promising spike. This came as a surprise to many as this sort of “sustained accumulation” has been rather rare in 2022.
While these whales were boosting their BTC holdings, Tether [USDT] holdings took a backseat. As seen in the above image, large USDT holdings have depleted significantly.
Elaborating on the latest occurrence, Santiment said,
“Since September 27th, addresses holding 100 to 10k $BTC have collectively added back 46,173 BTC back to their wallets as large $USDT holdings have dropped.”
It is believed that these whales were loading up on USDT in order to drive up the price of Bitcoin in the long run, taking into account the shift it would make in the long-term market of the whole sector. The speculations are likely to be accurate due to transitions in the holdings of both these assets.
Bitcoin’s steady recovery
Following a rough week, Bitcoin was back trying to push beyond $20K. At press time, the world’s largest coin was trading for $20,140 with a 1.15 percent daily rise. It should be noted that the asset managed to surge from a weekly low of $18,924.35.
