Santiment, a company that analyses blockchains, has found that crypto whales show signs of continuing to buy Bitcoin. Since September 27, BTC wallet addresses with between 100 and 10,000 BTC have added back about 46,173 BTC to their crypto wallets as a whole.
The number of Bitcoin whales has grown over the last week.
From the beginning of August to the end of September of this year, whales’ supply of Tether (USDT) was going up while their supply of Bitcoin (BTC) was going down. But in the last week, the trend has changed. BTC whales have been getting more BTC while their Tether (USDT) supplies have been going down.
Most likely, whales were building up their USDT balances to drive up the price of BTC, which would change the longer-term market cycle of all cryptocurrencies. Since October is usually a good month for crypto, the fact that market whales’ USDT and BTC balances changed could be more than just a coincidence.
Whales may be moving now to drive up the price of BTC, which will make the rest of the cryptocurrency market more interesting. CoinMarketCap says that the price of the cryptocurrency market leader has gone up by 2.84% in the last 24 hours, putting it at $20,178.86 at the time of writing.
Also, the price of Bitcoin has been going up every week since the whales started buying more of it, as shown by the Santiment data. Over the past week, the price of BTC has also gone up by 7.39%.
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Over the past week, BTC whales have been buying up BTC. This post originally appeared on Coin Edition.