Bitcoin Sharks And Whales Go On $2.15 Billion Buying Spree, Is It Time To Sell?

Bitcoin has seen both highs and lows over the past month as various developments in the space put the digital asset’s price into a pull-and-push trend. However, investors have remained undeterred by the cryptocurrency’s movements and have rather chosen to continue to accumulate. This accumulation trend is more prominent in the shark and whale BTC addresses which have added 71,000 BTC to their holdings.

Bitcoin Sharks And Whales Buy $2.15 Billion Worth Of BTC

According to the on-chain data aggregator platform Santiment, the Bitcoin sharks and whales have been at one of their most active points over the last month. The data aggregator took to Twitter to share that these shark and whale addresses have bought a significant amount of BTC, amounting to $2.15 billion in less than a month.

The shark and whale addresses being referred to in this report are addresses that hold between 10-10,000 BTC. This puts the lower band of these holders at $300,000 with the upper band sitting as high as $300 million. This means that these are the addresses that have the means to buy a large number of BTC.

Santiment reveals that these shark and whale addresses started accumulating on June 17, and by July 8, they had added a total of 71,000 BTC to their holdings. A look at the Bitcoin price chart over the last month shows that these addresses started accumulating the digital asset at a low price of around $27,000. Then they continued to purchase coins all through to the $30,000-$31,000 range.

Sharks and whales buy $2.15 billion worth of BTC | Source: Santiment

The biggest spike in their balances during this period looks to have happened around June 26, when the chart shows that BTC was trending at $30,300. In total, their holdings went from just under 12.95 million BTC to 13.02 million BTC in the span of 21 days.

Is It Time To Sell?

Going by the chart shared by Santiment, it looks like these Bitcoin shark and whale addresses have already made some sell-offs, which could point to there being a cool-off period before they start selling again. There were significant dips in their holdings toward the end of June, as well as on July 7, marking sell-off points.

BTC price reclaims $30,300 | Source: BTCUSD on TradingView.com

Also, it is important to note that at the prices that these addresses accumulated most of their holdings, they are barely in any profit. So with the BTC price still hovering around $30,000, it sits close to the average at which these addresses are bought at, which is likely around the $29,000 range. So for now, these addresses could likely hold for better prices before selling.

If this is the case, then it is possibly a good time to get into the market as these large holders obviously see it as a good entry point. However, these large addresses can move the market and if there is a mass sell-off from them, then the price of BTC could tank.

At the time of writing, BTC is trading at $30,300, which translates to a 0.09% decline in the last 24 hours.