Bitcoin Whales With 10k+ BTC Have Been Growing


On-chain data shows that the number of Bitcoin holders holding 10k+ BTC has grown recently, a sign of the backlog from whales.

The number of bitcoin whales holding 10,000 or more bitcoins has skyrocketed recently

As pointed out by an analyst at CryptoQuant MailBoth 1k+ and 10k+ BTC holders have noticed some growth in recent weeks.

Holders of 1k or more BTC are considered whalesThe movement could have noticeable effects on the Bitcoin market.

The relevant indicator here looks at all the wallets on the network to see how many are between 1k and 10k BTC and how many people own more than 10k BTC.

Now, here’s a chart showing how the number of owners of these two bitcoin whale groups has changed over the past two years:

Bitcoin whales with 10k BTC

Looks like the 10k BTC holders have observed some very sharp growth recently | Source: CryptoQuant 

As you can see in the chart above, while the value of Bitcoin has been on a downtrend since November of last year, the number of Bitcoin whales has only risen by more than 10k BTC.

On the other hand, 1k+ BTC holders were mostly sideways until May came when 10k BTC whales pulled back a bit and 1k+ holders rose. This may be because the previous group sold off some of their supplies and dropped into the 1-10K range.

Related reading | Ethereum Bullish Signal: 800k ETH Exits from Gemini

However, not long after this increase, the number of 1k + BTC whales declined and 10k noticed a rapid growth. There can be two things that contribute to this trend.

First, some holders of 1k + BTC sold so much of their supply that their wallets fell below the 1k mark. And secondly, many of the remaining owners bought more and entered the 10k+ category. Both represent a decline in the whale count 1k+.

Related reading | Bitcoin NUPL shows average holder back in profit, but for how long?

However, 1k + BTC whales have recently noticed some growth again while 10k holders are still trending sharply. This means that the total number of whales as a whole has increased in the market recently.

This accumulation of bitcoin whales could lead to a positive outcome for the price of the cryptocurrency.

BTC price

At the time of writing this report, Bitcoin price It is floating around $22.2K, down 1% in the past seven days. Over the past month, the value of the cryptocurrency has gained 10%.

Bitcoin price chart

The value of the crypto has gone down a bit over the last couple of days | Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com



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