Bitcoin whales have reportedly accumulated over $3 billion worth of the flagship cryptocurrency over the last three weeks, when its price was ranging close to $30,000 and ultimately dipped below that mark before recovering.

That’s according to on-chain analyst Will Clemente, who on social media claimed whales have bought over 96,044 BTC to their assets over the last three weeks. Clemente’s words were based on a chart from Glassnode.

Whales are defined as clusters of addresses belonging to one entity with between 1,000 and 10,000 BTC. As CryptoGlobe reported, data from Glassnode’s “The Week On-Chain” report, showed Bitcoin reserves on centralized cryptocurrency trading platforms have been steadily dropping even as the market ticks downward. An average of 36,000 BTC has been leaving exchanges every month.

To the firm, the amount of BTC being held by cryptocurrency exchanges is steadily dropping as large investors are moving their funds into secure cold wallet storage instead of leaving them on exchanges where they would be ready to sell their funds.

The report’s findings are consistent with other metrics showing whales have been accumulating. To Clemente, these whales have been buying BTC while other investors are afraid the market will keep moving downward in the near future.

Glassnode’s report also noted that the number of entities holding bitcoin since May has increased, from roughly 250,000 to nearly 300,000. These entities are described as unique clusters of addresses belonging to one individual or organization.

Similarly, the number of entities selling coins has fallen from 150,000 to 100,000, while the number of entities accumulating BTC increased significantly, going from 190,000 to 250,000. Data shows whales may be leading the accumulation.


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Featured image via Pixabay