Bitcoin Addresses Up To $1,900,000,000 BTC Hit 20-Month High: Crypto Analytics Firm Sentiment
The number of huge whales holding the largest crypto by market capitalization, Bitcoin (BTC), is on the rise, according to crypto analytics firm Santiment.
Sentiment notes that the number of Bitcoin whale addresses with between 10,000-100,000 BTC ($190,000,000-$1,900,000,000) has reached its highest level since February 2021, as have addresses with between 10-100 BTC ($190,000-$190,000).
“As the number of addresses on a network increases, the utility should follow suit.”
The analysis company too notes that Bitcoin addresses holding between 0.1 and 10 BTC now hold 15.9% of the cryptoasset’s available supply, an all-time high.
Conversely, smaller whales with between 100 and 10,000 BTC control only 45.6% of Bitcoin’s available supply, the lowest level since June 2019.
Santiment also adds that stablecoin market capitalization has reached its lowest level since December last year.
In addition, Sentiment notes that Bitcoin has flown from exchanges.
“Bitcoin saw a massive increase in coins moving off the exchanges yesterday, the largest daily amount (40,572 BTC) in 4 months. Supply of coins on exchanges is down to 8.48%. When the supply of exchanges decreases, it reduces the chances for future sale.”
Bitcoin is trading at $19,219 at the time of writing and has been crawling sideways since mid-June. The top-ranked crypto asset by market cap is down 0.05% in the last 24 hours, up more than 0.37% in the last week, and down nearly 1.7% in the last month.
BTC is also still more than 72% down from its all-time high of more than $69,000, which it reached last November.
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