Bitcoin Stays Down, But Whale Wallets Quietly Climb to 4-Month High

Source Newsbtc

On-chain data shows the Bitcoin whales have seen their population grow recently, despite the bearish action that the price has been facing.

Bitcoin Whales Have Seen Notable Growth In Past Five Weeks

According to data from the on-chain analytics firm Santiment, whale-sized Bitcoin wallets have recently climbed to their highest point since December of last year.

The indicator of relevance here is the “Supply Distribution,” which tells us, among other things, the number of wallets that belong to a particular coin range. The metric’s value for the 1 to 10 coins range, for example, represents the number of investors or addresses who own between 1 and 10 tokens.

In the context of the current topic, the range of interest is 1,000 to 10,000 coins. The investors of this size ($84.2 million to $842 million in USD terms) are popularly known as the whales.

Due to the massive scale of their holdings, these investors can carry some degree of influence in the market. Naturally, each of them on their own may not be relevant for the cryptocurrency, but the group as a whole can be. The Supply Distribution helps track exactly this collective behavior.

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Supply Distribution for the 1,000 to 10,000 coins group over the last few months:

Bitcoin Supply Distribution

As displayed in the above graph, the Bitcoin Supply Distribution for the whales observed a plummet alongside the December price peak, implying a large amount of these humongous investors exited the market.

The same pattern was also witnessed during the January top, albeit at a much smaller scale. This would indicate that the selling from the whales once again obstructed the BTC rally.

During most of February, the metric consolidated at its lows, but starting with the last week of the month, its value began to rise. The surge continued throughout March and today, there are 1,993 whale-sized addresses on the network, the highest level since the December top.

From the chart, it’s visible that this growth in whale entities has come while Bitcoin has been struggling around its lows, a potential sign that big-money investors have been looking at the recent price levels as profitable entry points into the cryptocurrency.

“There are many factors contributing to the polarizing crypto markets right now, but it can be taken as a slight sign of confidence that one of the most important key stakeholder tiers in cryptocurrency has grown by +2.6% in the past five weeks alone,” notes Santiment.

It now remains to be seen whether this buying from the Bitcoin whales will pay off or not.

BTC Price

Bitcoin has continued its sideways movement recently as its price is still stuck around the $84,000 level.

Bitcoin Price Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
 USD/JPY rises further and approaches 148.00 as the US Dollar firms upThe pair has erased weekly losses and is nearing 148.00 from Thursday’s lows below 146.00.
Author  FXStreet
Yesterday 10: 02
The pair has erased weekly losses and is nearing 148.00 from Thursday’s lows below 146.00.
placeholder
Bitcoin Price Bleeds As Galaxy Digital Unleashes $1.5 Billion Sell-OffBitcoin slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours.
Author  NewsBTC
Yesterday 09: 43
Bitcoin slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours.
placeholder
US Dollar Index (DXY) sticks to mild positive bias around mid-97.00s, lacks follow-throughThe US Dollar Index (DXY) ticks higher for the second straight day on Friday, though it lacks bullish conviction.
Author  FXStreet
Yesterday 09: 25
The US Dollar Index (DXY) ticks higher for the second straight day on Friday, though it lacks bullish conviction.
placeholder
Crypto market bulls bleed over $1B this week as record high US M2 supply, Trump’s rate cut pushThe total cryptocurrency market capitalization trades in the red by nearly 3% so far this week as bullish momentum fades.
Author  FXStreet
Yesterday 07: 22
The total cryptocurrency market capitalization trades in the red by nearly 3% so far this week as bullish momentum fades.
placeholder
EUR/USD remains depressed below mid-1.1700s amid trade concerns, stronger USDThe EUR/USD pair ticks lower for the second consecutive day on Friday and moves away from a nearly three-week top touched the previous day.
Author  FXStreet
Yesterday 06: 54
The EUR/USD pair ticks lower for the second consecutive day on Friday and moves away from a nearly three-week top touched the previous day.
goTop
quote