Whales and Sharks Accumulated $300 Million in BTC Since the Mid-August Crypto Crash

Bitcoin investors who already have a substantial amount of the asset in their accounts seem unfazed by the recent decline of the cryptocurrency market. According to Santiment data, some whales and sharks have accumulated over 11,600 BTC between August 17 and now.

Such investors have been quite active on the crypto scene ever since the world’s largest asset manager – BlackRock – filed to launch a spot Bitcoin ETF in the USA. 

• The analytics platform focused on cryptocurrencies – Santiment – estimated that some whales and sharks (holding from 10 to 10,000 BTC) have collectively purchased 11,629 BTC since August 17.
• Calculated at current rates, this stash is worth almost $308 million.
  

• It is evident from the graphics that whales have accumulated BTC not only during bearish periods but also during price rallies.
• Santiment’s data comes amid the market-wide retracement that started last week following speculations that SpaceX might have sold its remaining BTC stash.
• The primary cryptocurrency dumped almost immediately by over $3,000 to a new two-month low of $25,300. Some altcoins were harmed even more, with weekly losses exceeding 20% for some, such as XRP.
• Aside from this particular “buy-the-dip” moment, whales and sharks have shown an enhanced appetite for the asset, especially since BlackRock’s filing to introduce a spot BTC ETF in the States.
• As CryptoPotato previously reported, such investors have bought over $2 billion worth of bitcoin between June 17 (the day after the asset manager displayed its ambition to introduce the monetary product) and July 10.