On-chain data shows that the number of Bitcoin holders with 10k+ BTC has increased recently, a sign of whale accumulation.
The number of Bitcoin whales holding 10,000 BTC or more has recently increased
As one analyst pointed out in a CryptoQuant Publish1k+ and 10k+ BTC holders have seen some growth in recent weeks.
Holders with 1k or more BTC are considered whalesand their movement can have noticeable impacts on the Bitcoin market.
The relevant indicator here looks at all wallets in the network to see how many hold between 1,000 and 10,000 BTC and how many hold more than 10,000 BTC.
Now, here is a graph that shows how the number of holders of these two groups of Bitcoin whales has changed over the past two years:
Looks like the 10k BTC holders have observed some very sharp growth recently | Source: CryptoQuant
As you can see in the chart above, while Bitcoin’s value has been on a downward trend since November of last year, the number of Bitcoin whales with over 10,000 BTC has only increase.
1k+ BTC holders, on the other hand, were mostly on a sideways trend until May, where the 10k BTC whales fell off a bit and the 1k+ holders rose. This could be because the former group sold off some of their supply and fell into the 1,000-10,000 range.
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Shortly after this surge, however, 1k+ BTC whales plummeted and 10k whales saw rapid growth. There could be two things contributing to this trend.
First, some of the 1k+ BTC holders sold some of their supply such that their wallets fell below 1k. And second, many of the remaining holders instead bought more and entered the 10k+ category. Both would mark a drop in the number of 1k+ whales.
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However, very recently, 1k+BTC whales have seen some growth again while 10k holders are still seeing a strong uptrend. This implies that the total number of whales as a whole has recently increased in the market.
Such an accumulation of Bitcoin whales can lead to a positive outcome for the price of the crypto.
At the time of writing, The price of bitcoin is floating around $22,200, down 1% in the past 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