As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find the recent surge in large Bitcoin wallets quite intriguing. The rise of shark and whale wallets by almost 10% in just nine weeks is a significant development that warrants attention. These big-money investors, often considered the market movers, are increasingly betting on Bitcoin, which could be interpreted as a positive sentiment among the giants.
Over the past month and a half, there has been a significant increase in Bitcoin investments by major investors, evident from the notable growth in large Bitcoin wallets.
Bitcoin Shark & Whale Wallets Have Gone Up By Almost 10% Recently
Based on data from the on-chain analysis company Santiment, there has been a significant increase in Bitcoin wallets holding at least 100 Bitcoins since the commencement of this latest bull market.
The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of BTC wallets that belong to a given coin range. In the context of the current topic, the range of interest is the 100+ BTC one (with the upper limit being infinity).
At the current exchange rate, the minimum value within the given range approximates approximately $10.4 million. This substantial figure implies that only wealthy investors with large sums of money would meet the criteria for this range.
To put it simply, the scope encompasses two significant categories of Bitcoin investors: the ‘sharks’ and the ‘whales.’ As their holdings increase, these entities gain more market power. Consequently, ‘sharks’ and ‘whales’ are recognized as highly influential figures within the network.
It’s advisable to monitor the pattern in which these investors are supplying and distributing assets. While their actions might not directly affect the asset’s price at all times, understanding their behavior can give us insights into the attitudes of these major players.
Here’s the chart on Bitcoin Supply Distribution, provided by an analytical company, which displays information about Bitcoins in the 100+ units category.
Looking at the graph, we can see that the distribution of Bitcoins in over 100 wallets has been increasing, which is a sign of an upward trend. At the same time, the value of the Bitcoin itself has experienced a surge, indicating a bull market.
On October 10th, the metric was at 16,062, but it has since increased to 17,644. This implies that approximately 1,582 additional wallets as big as sharks and whales have appeared on the network in a span of nine weeks.
It’s worth noting that about 9.9% of this increase in the indicator occurred just this month. This suggests that many investors may have recently purchased the asset at its current high prices.
The fact that the indicator keeps increasing as Bitcoin climbs higher is a good indication, since it implies large-scale investors believe the cryptocurrency remains a sound investment even at its current price levels.
Due to the increasing anxiety among major investors about missing out (FOMO), it’s not surprising at all that the Bitcoin surge continues unabated, with its value recently reaching a new peak of over $106,000.
BTC Price
At the time of writing, Bitcoin is trading at around $103,900, up almost 5% over the last week.
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2024-12-17 04:41