Bitcoin Whales have bought $1.8 billion since the last high
On-chain data from Santiment shows that Bitcoin whales have bought around $1.8 billion in BTC since the recent high above the $30,000 level.
Bitcoin Whales have accumulated 64,000 BTC in the last two weeks
According to data from the analysis company at the chain Sentiment, the BTC whales ended the month of April accumulating the asset. The indicator of interest here is the “BTC Supply Distribution”, which tells us the total amount of Bitcoin that each wallet group in the market has right now.
Addresses on the blockchain are divided into these wallet groups based on the total number of coins they currently have in their balance. In the context of the current discussion, the relevant cohort is the 100-10,000 coins group, meaning it includes all investors who hold at least 100 and at most 10,000 tokens.
The significance of this range is that it corresponds to the wallet of the Bitcoin whales, a group that occupies an important place in the BTC economy. Since the amounts held by these investors are huge (the range of their wallet group converts to about $2.8 million at the lower limit and $200.8 million at the upper limit), they have the potential to cause noticeable effects on the market through their movements their.
Now, here’s a chart showing the Bitcoin Supply Distribution trend for the group of 100-10,000 coins over the last month, to see how the behavior of these huge holders has been recently:
The value of the metric seems to have climbed higher in recent days | Source: Santiment on Twitter
As shown in the graph above, Bitcoin supply to the 100-10,000 coin group decreased between the end of March and the first ten days of April as BTC first moved sideways and then surged towards the $30,000 mark.
This means that the BTC whales likely sold during this period, possibly taking advantage of the profit opportunity that the rally provided. However, after the metric saw a sharp spike on April 11 when BTC breached $30,000, the supply of whales fell.
Since then, the indicator has seen a general uptrend, suggesting that these huge holders have been buying again. In mid-April, however, there was a moment when the whales wavered in their conviction when BTC fell below the $30,000 level.
These investors participated in some selling there (although not on the scale seen earlier in the month), but by the end of April they had again started buying, resulting in a reversal of the decline seen during this selloff .
In total, the Bitcoin whales have accumulated about 64,000 BTC ($1.8 billion at today’s price) in the past few weeks. The fact that the whales have ended April on a strong note despite the market still being uncertain about its direction is a positive sign as it shows that these big investors still have bullish conviction.
BTC price
At the time of writing, Bitcoin is trading around $28,500, up 4% in the past week.
Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView
Featured image from Todd Cravens at Unsplash.com, Charts from TradingView.com, Santiment.net
