Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply
25 Aprile 2024 - 5:00AM
NEWSBTC
On-chain data shows that the Bitcoin whales’ holdings have grown to
25.16% of the entire supply, and their net accumulation has
continued recently. Bitcoin Investors With 1,000 To 10,000 BTC Have
Continued To Buy Recently According to data from the on-chain
analytics firm Santiment, the BTC whales have accumulated more than
266,000 BTC since the start of the year. The indicator of interest
here is the “Supply Distribution,” which keeps track of the
percentage of the total circulating Bitcoin supply that the various
wallet groups are holding right now. The addresses are divided into
these cohorts based on the number of coins they currently have in
their balance. The 10 to 100 coins group, for example, includes all
wallets that own at least 10 and, at most, 100 BTC. Related
Reading: Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s
Behind This Trend? The Supply Distribution sums up the amount that
investors belonging to a particular group as a whole are carrying
and calculates what percentage of the supply they contribute. The
1,000 to 10,000 BTC cohort is of interest in the current
discussion. At the current exchange rate, the lower limit for this
cohort is $65 million, while the upper one is $650 million.
Clearly, the investors belonging to the group are quite massive,
and as such, they are popularly known as “whales.” As the whales
can quickly move large amounts, they have the potential to
influence the market. Due to this, their behavior can be worth
watching. There are whales beyond this cohort’s 10,000 BTC upper
limit as well, but at such massive scales, entities like exchanges
also start coming into play, who aren’t exactly normal investors.
Now, here is a chart that shows the trend in the Bitcoin Supply
Distribution for the 1,000 to 10,000 coins group over the last few
months: The value of the metric seems to have observed a spike in
recent days | Source: Santiment on X As displayed in the above
graph, the Bitcoin Supply Distribution for this key investor group
has observed a net rise over the year 2024 so far. The whales have
bought 266,000 BTC ($17.2 billion) over this period. However, this
accumulation hasn’t been consistent. As is visible in the chart,
the whales sold into the rally that would eventually lead to the
asset’s new all-time high, and they bought back in once the
drawdown was over. As BTC has consolidated, so has its supply.
Still, the latest change in the metric has been towards the upside,
implying that these humongous holders are perhaps backing the
current recovery push. Following the latest accumulation, the 1,000
to 10,000 coins group holds 25.16% of the supply, which means that
more than a quarter of all Bitcoin in circulation is sitting in the
wallets of these large investors. Related Reading: Is The Bitcoin
Top Already Here? This Historical Pattern Says So While whale
buying is bullish, the current investor sentiment may not be so. As
the data for the “Weighted Sentiment” metric attached by Santiment
in the chart suggests, investors are currently showing FOMO towards
the asset. Historically, Bitcoin has tended to move against the
majority’s expectations, so FUD/fear has been ideal for uptrends to
start. FOMO/greed, on the other hand, has been where tops have
become probable. BTC Price At the time of writing, Bitcoin is
trading at around $64,700, up more than 7% over the past week.
Looks like the price of the asset has retraced some of its recent
recovery over the last few hours | Source: BTCUSD on TradingView
Featured image from Vivek Kumar on Unsplash.com, Santiment.net,
chart from TradingView.com
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