Bitcoin whales with 10k+ BTC have grown
On-chain data shows that the number of Bitcoin holders with 10k+ BTC has grown recently, a sign of whale accumulation.
The number of Bitcoin whales holding 10k or more BTC has increased recently
As pointed out by an analyst in a CryptoQuant post, both 1k+ and 10k+ BTC holders have seen some growth in recent weeks.
Holders of 1k or more BTC are considered whales and movement by them can have noticeable impacts on the Bitcoin market.
The relevant indicator here looks at all wallets on the network to see how many own between 1k and 10k BTC and how many have more than 10k BTC.
Now, here’s a chart showing how the number of holders of these two Bitcoin whale groups has changed over the past couple of years:
Looks like the 10k BTC holders have observed some very sharp growth recently | Source: CryptoQuant
As you can see in the graph above, while the value of Bitcoin has been on a downward trend since last November, the number of Bitcoin whales with more than 10k BTC has only gone up.
The 1k+ BTC holders, on the other hand, were mostly on a sideways trend until May came, where the 10k+ BTC whales dipped a bit and the 1k+ holders rose. This could possibly be due to the earlier group selling off some of their supply and falling into the 1k to 10k range.
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However, not long after this increase, the 1k+ BTC whales dropped and the 10k observed rapid growth. There may be two things contributing to this trend.
First, some of the 1k+ BTC holders sold part of their supply so that their wallets went below the 1k mark. And secondly, many of the remaining holders rather bought more and entered the 10k+ category. Both of these will mark a decline in the whale population of 1k+.
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But quite recently, the 1k+ BTC whales have again seen some growth, while the 10k holders have continued to rise sharply. This means that the total number of whales as a whole has increased in the market recently.
Such accumulation by Bitcoin whales could lead to a positive outcome for the price of the crypto.
BTC price
At the time of writing, Bitcoin’s price is hovering around $22.2k, down 1% in the last seven days. Over the past month, the crypto has gained 10% in value.
The value of the crypto has gone down a bit over the last couple of days | Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com
