Bitcoin (BTC) prices have dropped by over 33% over the past 30 days. However, the BTC whales have utilized this price drop by increasing their holding. Giga whales Bitcoin holding has hit a new record.
Wallet holding up by 16% in last 30 days
The recent price drop has proved to be great a accumulation opportunity for the whales. According to IntoTheblock, the amount of Bitcoins held by the wallets with over 100k recorded a new high on Friday.
It added that over 776K BTCs are held by just 5 addresses. These wallets’ holding has increased by 16% in the past 30 days. The total Bitcoin holding values around $16 billion. This is a huge amount held by any entity and laying off these holdings can prove terrible for the market.
The world’s largest cryptocurrency price has registered a considerable drop over the past few months. This was caused due to mass selling by the holders over the anticipated increase in Fed interest rates. Bitcoin price dropped down to touch the 17K price level on June 19, 2022.
BTC miners selling rate jumps 100% in May
It is important to note that the accumulation rate spiked in the second week of May when the BTC price dropped below the $35k price level. However, it gained momentum when Bitcoin’s price went to touch the $26k price zone.
Bitcoin’s price has dropped by 5% in the last 24 hours. It is trading at an average price of $20,287, at the press time. BTC’s 24 hour trade Volume is also down by 10% to stand at $28.3 billion.
According to a report by Arcane research, miners sold their Bitcoin holding aggressively in the month of May. The first four months of 2022 saw public mining companies selling 30% of their production. However, the price collapse has forced the miners to sell their holdings. May registered a selling rate of more than 100%. It added that the conditions worsened in June.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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