Despite Market FUD, Largest Bitcoin Whales Continue to Accumulate BTC

IntoTheBlock on-chain data aggregator has reported that while the cryptocurrency market has been hit by massive FUD, the largest Bitcoin whales

Asthecryptocurrencymarketcontinuestoexperienceturbulence,withmassivefear,uncertaintyanddoubt(FUD)spreadingthroughouttheindustry,newon-chaindatahasemerged,revealingthecontrastingstrategiesemployedbydifferentcategoriesofBitcoinwhales.WhilesomelargewhaleshavebeenobservedtobedumpingsignificantamountsofBTC,on-chaindatafromIntoTheBlockrevealsthatthelargestBitcoinwhaleshavecontinuedtoaccumulatetheworld’sflagshipdigitalcurrencythroughoutthisperiod.AccordingtoIntoTheBlock,thenumberofBTCinthelargestwalletshasnowreacheditshighestpeaksinceMaythisyear.Thesewallets,whichhold0.1%ormoreofthetotalBitcoinsupply,collectivelysawanetinflowof7,130BTCConMonday—anamountvaluedatroughly$436million.Thismarksasignificantdevelopmentintheon-chainactivityoflargeBitcoinwhales,especiallyconsideringthemassiveoutflowsofthecryptocurrencythathavebeenrecordedinrecenttimes.Earlierthismonth,on-chaindataanalysisfirmAkrhamreportedthattheGermangovernmenthadtransferred400BitcoinstomajorcryptocurrencytradingplatformsCoinbaseandKraken.ThisamountofBTCisvaluedatroughly$24.34million.However,thefirsttransfertoexchangestookplacelastweek,whentheGermangovernmentsentanimpressive1,700BTCtoCoinbase,BitstampandKraken.ThisっそsBatchesofBTCweresoldbytheGermangovernmentaspartofitseffortstoselloffcryptocurrenciesthatwereseizedduringtheshutdownofthedarknetmarketplaceDarknet.ThisrecenttransferfollowstheGermangovernment’sannouncementinlateSeptemberthatitwouldbesellingoffBTCandether(CRYPTO:ETH)thatwereconfiscatedduringtheclosureofthedarknetmarketplaceDarknet.Meanwhile,onMonday,Bitcoinitselftookamajorhit,quicklyplungingfrom$62,680tothe$59,220zone.Thismarkedtheculminationofmassiveoutflowsfromtheworld’sleadingdigitalcurrency,withCoinSharesreportinginarecentnotethatawhopping$630millionwaswithdrawnfromBTClastweek.Atthetimeofwriting,Bitcoinhasrecoveredsomewhatfromtheselowsandistradingat$61,152.

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