A prominent analytics firm, Santiment, reports that wealthy Bitcoin investors, commonly known as “whales,” are rapidly increasing their holdings, capitalizing on the recent sell-off by retail traders. In a recent update shared on the social media platform X, Santiment highlighted a significant rise in the number of crypto wallets holding at least 100 BTC over the past 30 days.
Whales and Sharks Gobble Up Over $7,863,000,000 in Bitcoin As ‘Impatient’ Traders Drop Their Holdings https://t.co/DWvynrLCDX
— Crypto GemsRock (@cryptogemsrock) September 1, 2024
According to Santiment, “As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just one month. The now 16,120 such wallets on the network have broken a 17-month high.” This surge suggests that large investors are taking advantage of lower prices to accumulate more Bitcoin, even as smaller investors sell off their holdings.
In addition to the increase in whale wallets, Santiment notes that “Bitcoin sharks,” or those holding at least 10 BTC, are also actively acquiring more Bitcoin. The analytics firm revealed that whales and sharks have collectively added over $7.863 billion worth of BTC to their portfolios within the past month.
Santiment further elaborated, “Over the past month, wallets with 10-10,000 BTC have collectively accumulated 133,300 more coins while smaller traders continue to impatiently drop their holdings to them.” This accumulation trend indicates a growing divergence between large and small investors, with the former showing more confidence in the cryptocurrency’s long-term potential.
Massive Bitcoin Move Alert!
Whales and sharks have just snapped up a staggering $7.863 BILLION in #Bitcoin as smaller, impatient traders sell off their holdings!Keep your eyes peeled and your wallets ready! #CryptoNews #BitcoinWhales #MarketTrends… pic.twitter.com/YYJTWFJPbf
— John Bravo (@JohnBTCBravo) September 1, 2024
On-chain analyst Ali Martinez, using data from Santiment, informed his 69,800 followers on X that Bitcoin supply on crypto exchanges saw a significant reduction after Bitcoin’s price fell below $60,000 last week. “Seems like some major players bought the Bitcoin dip! On-chain data from Santiment reveals a 40,000 BTC drop in exchange supply over 48 hours, equivalent to about $2.40 billion. This aligns with a notable surge in exchange outflows!” Martinez noted.
As of the latest update, Bitcoin is trading at $59,000, experiencing a slight decline on the day. The ongoing accumulation by whales and sharks suggests that these larger investors are preparing for potential future gains, buying up Bitcoin as smaller investors sell off in response to recent market volatility.
Key Points:
- Increase in Large Bitcoin Holders: The number of crypto wallets holding at least 100 BTC has grown significantly over the past month, with a net gain of 283 wallets, reaching a 17-month high.
- Whales and Sharks Accumulate: Bitcoin whales (holding 100+ BTC) and sharks (holding 10+ BTC) have collectively added over $7.863 billion worth of Bitcoin to their holdings in the last month.
- Retail Traders Sell Off: While large investors are accumulating Bitcoin, smaller retail traders have been selling off their holdings amid recent market volatility.
- Significant Drop in Exchange Supply: Following a dip below $60,000, Bitcoin’s supply on crypto exchanges decreased by 40,000 BTC, roughly equivalent to $2.40 billion, indicating substantial buying by major players.
- Current Market Status: Bitcoin is currently trading at $59,000, slightly down on the day, as the market adjusts to the shifting dynamics between large and small investors.
James Kravitz – Reprinted with permission of Whatfinger News