As a seasoned crypto investor with a keen interest in on-chain data, I find the recent accumulation trend of Bitcoin whales quite intriguing. The fact that these large holders, who collectively own more than 40% of the total BTC supply, have been increasing their balances since mid-March is a significant development.
According to on-chain analysis, approximately 40% of the total Bitcoin supply is currently held by large-scale investors or “whales.” These investors have been actively amassing more Bitcoin in recent times.
Bitcoin Whales Have Been In Buying Mode Since Mid-March
Based on information from the market analysis tool IntoTheBlock, it has been observed that Bitcoin holders with over 1,000 BTC in their wallets have progressively added more Bitcoin to their reserves since mid-March.
With the present value of cryptocurrency being exchanged at roughly $71.4 million, such a substantial sum can’t be ignored. These significant investors, referred to as “whales,” wield considerable power within the network due to their vast holdings.
Observing the behavior of these entities can be intriguing due to their potential impact on a cryptocurrency’s price. One method to monitor their actions is by examining the pattern in their aggregate supply.
The following chart, provided by IntoTheBlock, illustrates the trend of the combined balances of large-scale crypto holders over the recent months.
I’ve noticed an intriguing trend in the Bitcoin market over the past few months. According to the graph, the number of large Bitcoin holders, or “whales,” has been steadily growing. This upward trend started around the time when the price consolidation following its all-time high (ATH) began.
While other players in the market were alarmed by Bitcoin’s price battles, these massive entities viewed the situation as a chance to acquire even more of the cryptocurrency.
As a crypto investor, I’ve noticed that lately, large investors have been aggressively purchasing cryptocurrencies, causing their holdings to surge. In fact, these holdings now represent over 40% of the total circulating supply of the cryptocurrency.
If whales continue their purchasing trend, they could reach the point where they own more than half of the coin’s total supply. While this buying behavior is good news for the coin’s price, it might not be ideal that a few holders are on the verge of controlling the majority of the circulating supply.
As a crypto investor, I’ve noticed some intriguing news shared by Maartunn, the Community Manager of CryptoQuant Netherlands. According to Maartunn’s recent X post, the current total Open Interest across the cryptocurrency market has reached an impressive $51.01 billion. This figure is not far off from the All-Time High (ATH), making it an exciting development for the crypto community.
As a crypto investor, I closely monitor the Open Interest metric, which represents the current value of derivatives positions related to cryptocurrencies across all exchanges, expressed in USD. An uptick in this figure suggests that the total leverage in the market has grown. While this can lead to increased opportunities for profit, it also heightens the risk of market instability.
With open interest in digital assets nearing an all-time high, there’s a heightened possibility of significant price fluctuations imminent for various cryptocurrencies.
BTC Price
At the time of writing, Bitcoin is trading at around $71,400, up 6% over the past week.
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2024-06-06 08:11