Cryptocurrency accounts worth close to $50 million or more in bitcoin have steadily increased their purchases since the end of June, according to new data from the blockchain networking firm ( Chainalysis), as the uptrend continued towards late August amid a bounce in the cryptocurrency price above $50,000.
Chainalizes chief economist Philip Gradwell said that the recent accumulation of bitcoin by major investors is linked to the medium-term change in the price of bitcoin.
Bitcoin whales - investors who hold more than 1,000 bitcoins - were a driving force in the market until late February, Gradwell added.
(China) has linked the purchases of bitcoin whales with the price of the cryptocurrency, which often rises within 28 days of the start of extended buying from these investors and falls with selling.
The company measured the period from late June to August 22nd, finding that these large investors acquired the equivalent of nearly $10 billion at Tuesday's prices, similar levels. their purchases in February, according to the data company.
These larger investors also tend to be long-term holders, with the whales measured by Chainalysis tend to hold at least 75% % of Bitcoin you buy, on average.
Bitcoin hit a three-month high this week, and has continued its steady rise since mid-July. The value of the entire cryptocurrency market has also exceeded $2.2 trillion.
