In late May, some whales started buying bitcoins. The move to hoarding helped the digital currency approach $70,000.
Overall, however, whale activity has been weakening since mid-March, Santiment found.
The number of transactions on the network for amounts between $100,000 and $1 million has been declining for the past three months.
Periodic bursts of whale and shark activity have not dramatically improved bitcoin’s position. Therefore, its volatility remains weak, the authors of the report emphasized.
Most of the addresses that control more than 1,000 BTC are still refraining from buying. However, whales are also refusing to dump the cryptocurrency.
Similar tactics in April and May were followed by sharks whose wallets hold at least 100 BTC. But if we analyze the behavior of medium and large investors over the long haul, we can see that the accumulation strategy dominates.
Wallets controlling between 10 and 10,000 BTC have dumped the minimum volume of cryptocurrency over the past two months, but they have still increased their reserves by almost 188,000 bitcoins since the end of January 2024.
The increase in the volume of USDC stablecoins in whale and shark wallets has been offset by USDT outflows. Therefore, there were no serious changes in the reserves of addresses with balances from $100,000 to $10 million.