•Bitcoin whales have been accumulating tens of thousands of BTC over the past 5 weeks as prices remain stagnant.
•Santiment data reveals that over $2.3 billion worth of Bitcoin has been accumulated by whales in the same time period.
•On-chain data also shows that 20,000 BTC worth nearly $546 million were recently withdrawn from centralized exchanges.
Bitcoin Whales Accumulate Over $2,300,000,000 in BTC
As the flagship digital asset sits in a consolidation zone, on-chain data reveals that Bitcoin (BTC) whales have accumulated tens of thousands of crypto king over a period of a little more than a month. According to blockchain analytics firm Santiment, entities who hold between 1,000 and 10,000 Bitcoin have accumulated over $2.32 billion worth of the top crypto asset in just the last five weeks.
Previous Accumulation Cycle Resulted In A 34% Price Increase
Santiment says that the price of the leading crypto asset went up over 30% earlier this year after BTC whales embarked on a similar accumulation spree between late December of 2022 and early January.
Over 20K BTC Worth Nearly $540M Withdrawn From Exchanges
In yet another potential bullish signal based on Santiment’s data, crypto trader Ali says that more than 20,000 Bitcoin worth over $546 million have been withdrawn from centralized crypto exchanges within a day.
Sentiment Among Crypto Traders is Bullish
Earlier this week, the analytics firm revealed that it tracked top trending video publications and found that sentiment in the crypto markets was skewing bullish, suggesting rising optimism relative to previous weeks.
Current Price Action
At time of writing, Bitcoin is trading for $27,351.