Cryptocurrency analytics platform Santiment says Bitcoin (BTC) whales have accumulated heavily over the past nine days.
Santiment says that since Tuesday last week, Bitcoin whales have added Bitcoin worth approximately $931,309,410 at time of writing.
According to the crypto analytics platform, this is the longest period of sustained accumulation by Bitcoin whales since May.
“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10,000 BTC have collectively added back 46,173 BTC back to their wallets as large USDT [Tether] holdings have dropped.”
Bitcoin is trading at $20,170 at time of writing.
Earlier this week, Santiment noted that Bitcoin supply on crypto exchanges had fallen to levels last witnessed in November of 2018. According to the analytics platform, the chances of a selloff risk are further reduced with less than 9% of the Bitcoin supply currently held on crypto exchanges.
Santiment also examines Ethereum (ETH)-scaling solution Optimism (OP). According to the crypto analytics platform, Optimism’s on-chain activity is growing with the layer-2 scaling solution witnessing a record number of new addresses created and daily active addresses.
“The chain activity for Optimism has been growing despite its underwhelming price performance. The amount of daily active addresses interacting on the network, as well as new addresses created, are at the highest levels since OP’s inception in May.”
Optimism is trading at $0.85 at time of writing, down by about 30% over the past 30 days.
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Featured Image: Shutterstock/Andrey Suslov