ReBitcoin whales are said to have amassed almost $3 billion in the flagship cryptocurrency over the last three weeks when its price was hovering above $30,000 before dipping below it and recovering.
That’s according to Will Clemente, an on-chain expert who stated on social media that whales have added 96,044 BTC to their assets in the last three weeks. Clemente’s words were based on a Glassnode chart.
Whales are defined as groups of addresses that belong to the same entity and have a value of 1,000 to 10,000 BTC. Data from Glassnode’s “The Week On-Chain” report, as reported by CryptoGlobe, showed that Bitcoin reserves on centralized cryptocurrency trading platforms have been continuously declining even while the market has been trending downward. Every month, an average of 36,000 BTC leaves exchanges.
The amount of BTC held by cryptocurrency exchanges is rapidly declining, according to the firm, as significant investors move their cash into secure cold wallet storage rather than leaving them on exchanges where they would be ready to sell them.
The conclusions of the investigation are in line with other indicators that whales have been accumulating. These whales, according to Clemente, have been purchasing BTC while other investors are concerned that the market would continue to decline in the foreseeable future.
According to Glassnode’s study, the number of entities holding bitcoin has climbed from around 250,000 to around 300,000. These are referred to as “unique clusters of addresses” that belong to a single person or organization.
Similarly, the number of entities selling coins has decreased from 150,000 to 100,000, while the number of entities holding BTC has climbed from 190,000 to 250,000. Whales may be at the forefront of the accumulation, according to data.