According to current data from the analysis portal Santiment, Bitcoin Whales have started to accumulate BTC on a massive scale since 20.05.2020, the beginning of the short-term downward trend.

The following chart shows that wallets with a balance of more than 100 BTC accumulated a total of more than 12,000 Bitcoin. This corresponds to an equivalent value of around 108 million dollars.

This is interesting because the market behavior of whales is often used to get a general feeling for the situation in the crypto market. Due to their market power and the high number of Bitcoin, whales have a certain dominance in the market.

Back to the market behavior: When whales accumulate Bitcoin, this often indicates a medium-term upward trend. This is because buyers speculate on a price increase. If many BTC are withdrawn from the wallets, this is certainly a bearish indicator, as there is selling pressure and a stronger supply in the market.

Bitcoin and the psychology of whales

Santiment also notes that the entities with large quantities of Bitcoin have shown characteristics of daytraders in recent weeks. For example, the amount of BTC during short-term dips has increased significantly. Shortly before local peaks, the whales sold Bitcoin to take the profits.

Nevertheless, we must still state that a total purchase volume of 108 million dollars is not yet strong enough to tip BTC into a bullish scenario. On the other hand, it shows – and now it is becoming interesting for retail investors as well – that despite the (historically) relatively high price, whales are interested in increasing their holdings of Bitcoin.

This again underlines the need and desire for a sustainable store of value. Even if the global turmoil around Corona has calmed down again, some investors may have drawn their conclusions. BTC is at the forefront of becoming a hedge.