Bitcoin Whales Accumulate Amidst Market Downturn

IconCryptoNewsTerminal Staff07 Aug, 2024

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Bitcoin Whales Accumulate Amidst Market Downturn

Amidst the ongoing crypto market sell-off, on-chain analytics platform Santiment reported a surge in Bitcoin (BTC) accumulation by whales. From August 5 to 6, whale activity reached its highest levels since early April. Addresses holding 10 to 1,000 BTC exhibited a significant increase in accumulation, suggesting their eagerness to capitalize on BTC's dip below $50,000. This whale accumulation signals their belief in Bitcoin's long-term value and potential for recovery.