Bitcoin (BTC) whales are again accumulating BTC, with more and more traders now asking themselves what these whales know that the rest of us don’t.
According to data from the crypto analytics platform Santiment, the so-called Bitcoin whales, defined as wallet addresses holding between 100 BTC and 10,000 BTC, have added a total of 46,173 BTC to their holdings since September 27.
In a tweet published earlier this week, Santiment called the increase a “sustained accumulation” by whales and noted that this has been “a rarity in 2022.” The firm added that the increase in BTC holdings has come as large holdings of the stablecoin Tether (USDT) have dropped.
The finding indicates that some of the largest players in the Bitcoin ecosystem are using stablecoins to add to their BTC holdings. This also means that any price rallies seen in recent days have most likely been stablecoin-driven, without support from a significant level of fiat inflows.
It is widely believed in the crypto community that large inflows of fiat currency into Bitcoin and other cryptocurrencies is necessary for a new bull market to establish itself in a sustainable way.
Still, it shouldn’t come as a surprise that whales are among the first to position themselves for potential future rallies in the Bitcoin price. As a result, the positioning seen in the past few days could be a sign that the wealthiest Bitcoin holders are now betting that macroeconomic conditions will improve going forward and that this will ultimately help BTC move higher.
Meanwhile, the news that whales are now accumulating BTC comes after Santiment in late September reported that whale holdings of Bitcoin had dropped to the lowest level in 29 months, making up only 45.72% of the circulating BTC supply.
In a tweet at the time, the firm attributed the fall in whale investment interest to “fears of inflation and a world recession […].”