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Bitcoin Whale Reserves Hit Highest Level in 2 Weeks

ByLouis Adams

May 10, 2024 #Bitcoin
Reading time: < 1 minute

Whales resumed their buying activity last week as Bitcoin came close to dropping below $56,000. The cryptocurrency’s price found support around $56,600, and over the weekend it climbed back above $60,000.

This was largely due to large investors stepping in to prevent a decline below a crucial level. Addresses holding more than 1,000 Bitcoins showed an increase in activity, pushing BTC to reach $65,000 earlier this week.

However, on Wednesday, the bearish trend took over again, causing BTC to drop to $62,322. This prompted Santiment to highlight the growing support from whales.

The dip to $62,000 in the middle of the week served as a signal for large investors, who purchased 15,121 BTC in a single day, worth a total of $941 million. As a result, the reserves of whales holding between 1,000 and 10,000 BTC increased to a two-week high of 4.93 million BTC.

The total number of such wallets also rose to 2013 on Thursday.