• Data from on-chain analytics firm Santiment shows that large Bitcoin whales have added 37,100 BTC to their holdings in recent days.
• The “BTC Supply Distribution” metric has been rising for the past 10 weeks, with holders in the 10-100 coins band known as “sharks” responsible for the increase.
• The other wallet groups of interest are 100-1,000 coins and 1,000 to 10,000 coins, which have also seen increases in their Supply Distribution metrics.
In the past 10 days, large Bitcoin whales have finally started accumulating, as BTC has rallied strong. Data from the on-chain analytics firm Santiment shows that these whales have added 37,100 BTC to their holdings in this period.
The “BTC Supply Distribution” metric is used to measure which wallet groups on the network are currently holding what percentage of the total Bitcoin supply. The wallet groups here refer to ranges that denote the upper and lower bound for the number of coins that each wallet in a given group is currently holding. For instance, the 1-10 coins band includes all wallets that are carrying at least 1 BTC and at most 10 BTC right now.
As displayed in the graph, the total percentage of the Bitcoin supply held by the 10-100 coins band has been rising for the past 10 weeks. Holders with balances in this range are usually called “sharks”. The other wallet groups of interest are 100-1,000 coins and 1,000 to 10,000 coins, which have also seen increases in their Supply Distribution metrics.
The recent surge in the Supply Distribution of large Bitcoin whales suggests that these entities are looking to accumulate more coins, possibly because of the strong rally that BTC has seen in the last couple of weeks. This could be a bullish sign for the cryptocurrency market, as it indicates that these whales believe that the price of Bitcoin is likely to rise further.
It remains to be seen whether the trend of accumulation by large Bitcoin whales will continue, or if it is a one-off event. However, it is certainly a positive sign for the cryptocurrency market and could indicate further gains in the near future.