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According to recent data, Bitcoin whales are still making purchases and currently hold a significant percentage of the total supply. On-chain data shows that these major players have reached 25.16% of the total Bitcoin supply and have continued to increase this amount recently.
Bitcoin Whales Continue Their Purchases
Bitcoin whales, a group of investors owning between 1,000 and 10,000 BTC, have continued their acquisitions recently. According to on-chain analysis by Santiment, these whales have accumulated more than 266,000 BTC since the beginning of the year. The key point is the “Supply Distribution” data, which shows the percentage of the total circulating supply currently held by different wallet groups.
Supply Distribution calculates how much of the total supply a specific group of investors controls. This helps us understand how influential certain groups are in the market. The group that stands out particularly owns between 1,000 and 10,000 BTC, holding large amounts of Bitcoin worth between 65 million and 650 million dollars at current exchange rates.
They Increased Their Bitcoin Holdings
The movements of these whales are closely watched as they have the potential to influence the market. Additionally, this group consists of major players who can sell or buy significant amounts of Bitcoin, hence they are referred to as “whales.” However, there are also those owning more than 10,000 BTC, typically institutions like exchanges.
In recent months, the trend in the Bitcoin Supply Distribution for the group of whales owning between 1,000 and 10,000 BTC has continued to rise. The above graph shows that this large investor group continues to increase their Bitcoin holdings. However, as the graph also shows, there have been some fluctuations in this accumulation. Whales can sell when asset prices rise and buy back when prices fall.
A Development Accelerating the Pulse of the Crypto Market
BTC’s consolidation has become a significant topic of discussion in the crypto world. However, recent data show significant changes in the supply and demand balance. Particularly, the increase in the amount of Bitcoin held by large investors is accelerating the market’s pulse.
Recent research reveals that investors holding between 1,000 and 10,000 coins control more than a quarter of the total supply. This situation indicates that a significant portion of the market is in the wallets of these massive players. However, whether this situation supports current recovery efforts remains a contentious issue.
Investors Have Mixed Feelings
Despite evidence of increased whale purchases, it remains unclear whether current investor sentiment is in the same direction. The “Weighted Sentiment” metric provided by Santiment shows that investors currently feel a mix of fear and opportunity.
Based on past data, it is known that Bitcoin often moves contrary to expectations. Therefore, environments of FUD (Fear, Uncertainty, and Doubt) often mark the beginnings of bullish trends. However, moments of FOMO (Fear of Missing Out) are usually seen near the peaks.
BTC‘s price also moves with these uncertainties. At the time of writing, Bitcoin has seen an increase of more than 7% in the last week, trading around $64,184.
