Around 90,000 bitcoins accumulated by whales for the past 25 days

In the wake of the dip in its price, around 90,000 bitcoins appear to have been accumulated by “bitcoin whales” for the past 25 days, according to encrypted market data aggregator, Santiment.

“Whales” is the term used to refer to holders of the digital coin with a value of more than 100 to 10,000. Basing on the intraday trading of bitcoin of over $39,000, a whale can have at least $3.9 million worth of bitcoin. These millionaire-level addresses account for 48.7% of the total supply of digital currency.

Santiment data showed that these bitcoin whales have gained a large number of the asset, placed at over 9.11 million, fetching an overall value of almost $367 billion, the highest point for the past seven weeks.

Miners’ outflow reaches monthly low

On the other hand, on-chain metrics provider Glassnode said bitcoin miners’ outflow has hit a monthly low of 47.163 BTC. This could be a possible indication that miners are still holding on to their coins, waiting for a better selling price.

Currently, the largest cryptocurrency by market capitalization is facing a headwind against strong selling pressure near the 200-Exponential Moving Average (EMA) level of around $40,876.

It hasn’t had any luck overturning this significant level and is without any stable signal yet resulting in pressure being turned into a support level.

Bitcoin beginning to slip again

Earlier this week, it would appear that bitcoin has gained some ground, recovering a bit of its losses and trading at above the $40K mark.

But at press time, according to tracking from CoinGecko, the top crypto is changing hands at $35,343 and has slipped below the significant $38,000 level once again.

This, even after some positive news such as Tesla revealing its openness to once again accept the crypto as payment for its products.

 

Image courtesy of Cointelegraph News/YouTube

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