June 20 (Cointime) - Bitcoin whales, or wallets holding between 1,000 and 10,000 BTC, have accumulated a total of $3.5 billion worth of the cryptocurrency since early April, according to market intelligence platform Santiment. This accumulation comes amidst recent price declines and is seen as a positive sign as these investors tend to have a long-term perspective.

The filing of a Bitcoin Exchange Traded Fund (ETF) application by BlackRock with the United States Securities and Exchange Commission (SEC) has also raised bullish momentum for Bitcoin, which is currently trading at $26,869.12. Despite experiencing a significant dip in March, the cryptocurrency has recovered mid-June and is showcasing relatively stable consolidation above the $27,000 level.