On-chain data shows that big money investors are flocking to Bitcoin as large wallets have seen sharp growth in the past month and a half.
Bitcoin Shark & Whale wallets are up nearly 10% recently
According to data from the on-chain analytics company saintBitcoin addresses holding at least 100 BTC have seen a noticeable jump since the start of this bull trend.
The relevant indicator here is the “supply distribution”, which tells us how much BTC wallets belong to a particular coin range. In the context of the current topic, the range of interest is over 100 BTC (with the upper limit being infinity).
The lower end of the range converts to roughly $10.4 million at the latest exchange rate, which is a lot of money. Therefore, the only investors who qualify for this range are those with deep pockets.
More specifically, the scope covers two of Bitcoin’s main investor groups: sharks and whales. The influence of any entity on the market increases the more coins it holds, so sharks and whales are particularly influential creatures on the network.
As such, what these investors are doing, i.e. the direction of their supply distribution, can be worth monitoring. Even if their movements do not always translate into the price of the asset, they can still provide us with information about the sentiment among these giants.
Now, here is the Bitcoin supply distribution chart shared by the analytics company that shows data for the 100+ BTC range:
The value of the metric appears to have been heading up in recent days | Source: Santiment on X
From the chart, it appears that the distribution of Bitcoin supply for 100+ coin portfolios has seen an upward trend while the price of the asset itself has seen an upward trend.
On October 10, the gauge reached a value of 16,062, but it has since risen to 17,644. This indicates that 1,582 new wallets the size of sharks and whales have appeared on the network in just nine weeks.
Interestingly, much of this 9.9% jump in the index only came this month, meaning a lot of these investors bought assets at the recent high prices.
That the index’s growth continues to accelerate while BTC is moving higher is of course a positive sign, as it indicates that big money traders believe the cryptocurrency is worth buying even at these prices.
Given this fear of missing out (FOMO) that has developed among major investors, it’s no wonder that Bitcoin’s rise has shown no signs of stopping yet, with the asset’s price hitting another record high, this time above the $106,000 mark.
Bitcoin price
At the time of writing, Bitcoin is trading at around $103,900, up approximately 5% over the past week.
Looks like the price of the coin has surged over the last 24 hours | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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