Bitcoin Whales Have Bought $1.8 Billion Since Recent High
On-chain data from Santiment shows that Bitcoin whales have bought around $1.8 billion worth of BTC since the recent rally above the $30,000 level.
Bitcoin whales have accumulated 64,000 BTC in the last two weeks
According to data from on-chain analytics firm Holy, the BTC whales ended the month of April accumulating the asset. The indicator of interest here is the “BTC Supply Distribution”, which tells us about the total amount of Bitcoin each group of wallets in the market is currently holding.
Addresses on the blockchain are divided into these wallet groups based on the total number of coins they currently carry in their balances. In the context of the current discussion, the relevant cohort is the 100-10,000 coin group, meaning it includes all investors who own at least 100 and at most 10,000 tokens.
The significance of this range is that it corresponds to the wallets of the Bitcoin whales, a group that occupies an important place in the BTC economy. As the amounts held by these investors are enormous (the range of their portfolio group converts to about $2.8 million at the lower end and $200.8 million at the upper end), they have the potential to have negative effects. perceptible in the market through their movements.
Now, here is a graph that shows the trend in Bitcoin Supply Distribution for the 100-10,000 coin group over the past month, to see how these huge holders have been behaving lately:
The value of the metric seems to have climbed higher in recent days | Source: Santiment on Twitter
As displayed in the chart above, the supply of Bitcoin held by the 100-10,000 coin pool dropped between the end of March and the first ten days of April, when BTC first moved sideways and then surged towards the $30,000 mark .
This means that BTC whales were likely selling during this time, possibly taking advantage of the profit-taking opportunity that the rally provided. After the metric took a sharp dip on April 11 when BTC broke $30,000, however, the supply held by the whales has bottomed out.
Since then, the indicator has shown a general bullish trend, suggesting that these huge holders are buying again. In mid-April, however, there was a moment when the whales wavered in their conviction when BTC dropped below the $30,000 level.
These investors participated in some selling there (though not on the scale seen at the beginning of the month), but by the end of April they had returned to buying, resulting in a pullback from the decline seen during that sell-off.
In total, Bitcoin whales have accumulated around 64,000 BTC ($1.8 billion at current price) in recent weeks. The fact that the whales ended April on a strong note despite the market still being undecided about their direction is a positive sign as it shows that these big investors still retain bullish conviction.
At the time of writing, Bitcoin is trading around $28,500, up 4% over the last week.
Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView
Featured Image by Todd Cravens at Unsplash.com, Charts by TradingView.com, Santiment.net