According to cryptocurrency data tracker BitInfoCharts, the richest Bitcoin whale made a series of massive bitcoin purchases between June 14 and 18. The whale purchased 1698 BTC currently valued at about 36.62 million dollars. Since then, the whale has bought 856 BTC again which is worth about 17.35 million dollars. At the time of that purchase, BTC was worth $21,198.

Currently, 0.68 percent of the current supply of BTC (which is about 130,227 BTC) is held by the richest over-the-counter Bitcoin whale. It is the third-largest Bitcoin whale in the world, ranked only beneath the wallets belonging to the cryptocurrency exchanges Bitfinex and Binance.

According to crypto data analytics company Santiment, the current decline in the cryptocurrency market has led to an increase in Bitcoin whales. Santiment states that following the decline that started about a month ago, the number of addresses holding between 10 to 10,000 Bitcoin has multiplied in the same timeframe but the positive spiral in the number of whales holding more than 10,000 Bitcoin began back in February.

As a result, bullish sentiments are being renewed amidst the growing accumulation actions among the Bitcoin whales in 2022, suggesting that investors with serious purchasing power see the current Bitcoin price levels as favorable to an incoming bullish uptrend. In the coming days, Bitcoin’s price will certainly remain range-bound as powerful economic participants continue to favor altcoins for now. The price of Bitcoin is often determined by these powerful entities, whose economic behavior is still difficult to predict.

Featured image source: Nairametrics