Santiment, a well-known market intelligence platform, has revealed that influential Bitcoin investors have acquired a staggering $3.46 billion worth of Bitcoin, causing the asset to surge back into the $70K range.
Bitcoin has experienced a significant increase of over 6% in just one day, reaching a daily peak of $71,500 from a low of $67,200. In the past six days, the leading cryptocurrency has surged by an impressive 17.67% from its low of $60,807.
The unexpected re-entry of Bitcoin into the $70K threshold, just two weeks after it started correcting its recent gains, has taken investors by surprise. Santiment has identified the key factor behind this rapid rebound in Bitcoin’s bullish trajectory.
According to Santiment, prominent Bitcoin stakeholders witnessed one of the most substantial accumulation days in recent years. Specifically, on March 24 alone, wallets holding between 10 to 10,000 BTC collectively acquired 51,959 BTC tokens.
At its intraday high of $66,623 on Sunday, these accumulated tokens amount to an astonishing $3,461,703,426 ($3.46 billion). Santiment further emphasized that this figure represents 0.263% of the currently available BTC supply, all acquired within a single day.
Additionally, following this $3.46 billion Bitcoin accumulation, the cumulative BTC balance on wallets holding between 10 and 10,000 BTC has reached its highest point since July 2022. These wallets now possess the highest Bitcoin supply ratio since July 2023, commanding 67% of Bitcoin’s supply with 13.10 million tokens.
Interestingly, addresses holding 100K to 10 million USDT and USDC, two stablecoins, are at their lowest levels since January 2023. This suggests that these holders have shifted their focus to more volatile tokens. Santiment predicts that this trend will continue as the crypto market approaches the final three weeks before the halving.
However, Santiment emphasizes that this ongoing accumulation should not come at the expense of whale and shark holdings in stablecoins like USDT and USDC. It states that their “dry powder” remains crucial in ensuring the ability to exchange for additional crypto at any given moment.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.