The largest bitcoin holders often referred to as whales, have been among the most active sellers.
They have been getting rid of the accumulated cryptocurrency over the past few months. As a result, their reserves have fallen to a three-year low, according to the Santiment report.
Just last week, the whales changed tactics and began to return to the cold storage of BTC.
The researchers found that the amount of cryptocurrency held by addresses with a balance of 100 to 10,000 coins decreased to 45.6% of the total supply of bitcoin.
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At the same time, small and medium investors, on the contrary, have been buying coins since the spring, taking advantage of the market collapse. The largest whales, controlling more than 10,000 bitcoins, also followed an accumulative strategy. Their reserves are at their highest since February 2021.
According to the Santiment team, wallets controlling between 0.1 and 10 bitcoins have accumulated a record amount of cryptocurrency. Now they hold almost 16% of the BTC turnover.
The researchers drew attention to the sharp decline in investment in stablecoins.
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Investment in digital currencies pegged to fiat money has fallen to its lowest level in 2022. That is, most investors are in no hurry to enter the cryptosphere and prefer to keep capital in other assets.