Bitcoin Whales Acquire $3.96 Billion Worth of BTC in 96 Hours

All eyes are on Bitcoin right now, with many traders eagerly waiting to see if it will break the $100,000 mark. This excitement has led to a flurry of activity, especially among Bitcoin whales. Surprisingly, these Bitcoin whales are making some big moves while everyone is on edge, as on-chain data shows that they have accumulated more than 40,000 BTC in just 96 hours.

This interesting development comes as the price of Bitcoin reached a peak of $99,645 in the last 24 hours, adding fuel to the speculation about a potential historic price milestone.

Taking a closer look at the behavior of Bitcoin whales, cryptocurrency analyst Ali Martinez pointed out their remarkable activity on a social media platform. Using data from Santiment, Martinez revealed that Bitcoin whales have purchased over 40,000 BTC, valued at around $3.96 billion, in the past 96 hours. These Bitcoin whales, referred to in the data as addresses holding between 100 and 1,000 BTC, are definitely making waves in the market.

This aggressive accumulation by Bitcoin whales is happening at a crucial moment for Bitcoin, as the price approaches the highly-anticipated $100,000 mark. Typically, this kind of whale activity reduces the supply of Bitcoin available for trading, which could continue to drive up the price.

Interestingly, while Bitcoin whales are accumulating, data from Glassnode indicates that long-term holders have been selling off some of their holdings to lock in profits. Since early October, long-term holders have sold over 128,000 BTC, showing a balancing act between accumulation and profit-taking in the market.