Why Are Bitcoin Whales Accumulating at a Record Pace?

Adekunle Joshua

According to crypto analytics firm Santiment, large Bitcoin holders have been accumulating BTC at a higher rate over the past seven weeks

Whale and shark addresses, with over 1,000 BTC and 10 BTC respectively, have accelerated their accumulation following news of BlackRock's attempt to launch a spot Bitcoin ETF

Since late April, these cohorts have bought 154,500 BTC worth over $4.75 billion

Santiment suggests that the recent BTC buying spree, coupled with the news of ETF launches, could justify further cryptocurrency price increases in July

Santiment is also tracking Litecoin's pre-halving rally, which has seen a 42% surge in the last two weeks alone

The peer-to-peer payments network is approaching its halving on August 3rd

Prices for Litecoin (LTC) have experienced a sudden spike, rising 26% in just over a day

Santiment warns of mainstream FOMO (fear of missing out) as a potential indicator that the LTC hype may soon fizzle out