Despite the very volatile month of April so far, cryptocurrency whales have repeatedly accumulated considerable parts. On-chain data shows that major BTC addresses added nearly 100,000 coins to their holdings in several weeks. Similar developments can also be observed with Ethereum (ETH) and Ripple (XRP).
BTC whales keep buying
Although April has historically been a very cheap month for Bitcoin, the situation is a little different this year. As a result, some of the serious price dumps appear to be preventing BTC from closing green for its seventh straight month.
However, these volatile movements have not stopped Bitcoin whales – that is, wallets of 10,000 coins or more – from accumulating more chunks of the underlying asset. On the contrary, it shows data from the analysis company Santiment.
The company categorized these addresses as “oversized” and stated that they “continue to get richer and accumulate as a price range”. Ultimately, Santiment claimed that BTC whales have bought around 90,000 bitcoins since April 5.
From a USD perspective, that sizeable amount is nearly $ 5 billion. As the graph below shows, 60,000 coins went to these addresses after the all-time high on April 13 at $ 65,000. In other words, whales were significantly more active when the asset was being traced, with two-thirds of their purchases made in April after the middle of the month.
BTC price vs. behavior of BTC whales. Source: Santiment
ETH and XRP whales aren’t far behind
Further Santiment data showed that the demand for some altcoins also increased in April. The number of Ethereum whales has risen to a new record high of 1,311. A closer look also shows the high concentration of ETH tokens in these wallets.
According to Santiment, Ethereum whales have over 80 million coins while the total circulation at the time of this writing is 115,650,000. This means that around 70% of the current offer from ETH are held by 1,311 addresses.
ETH price vs. behavior of the ETH whales. Source: Santiment
XRP whales have completely changed their attitude on the token. Whales discarded significant amounts of their holdings after the SEC accused the payment processor of making an unregistered sale of securities.
Your appetite is back, however, as Ripple has scored some victories in the ongoing lawsuit against the Securities and Exchange Commission. Santiment’s data suggests that since April 23, 19 new addresses with at least one million XRPs have emerged.
XRP Price vs. XRP Whale Behavior. Source: Santiment
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