Holders of massive amounts of Bitcoin (BTC) are continuing to buy the asset regardless of the recent dip in crypto markets, data from several sources shows.
Some analysts say such investment behavior is what precedes bull runs, hinting that another may be on the cards in the next few months.
Such holders—colloquially known as ‘whales’ in financial circles; they hold over $50 million worth of the asset—increased their holdings throughout June to August, as per a recent report.
What are Bitcoin whales doing?
Data from on-chain analytics firm Chainalysis shows ‘whales’ accounted for over $10 billion worth of Bitcoin purchases from late June to late August. Part of that came from business analytics firm MicroStrategy, which, starting last year, has accumulated billions of dollars worth of Bitcoin as part of its treasury assets.
The last time such large-scale accumulation occurred was during the run-up to Bitcoin’s all-time high of $64,000, which it hit in mid-April 2021, th
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