Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
October 18 2021 - 1:00PM
NEWSBTC
Bitcoin whales are not slowing down on their accumulation tour
despite rising prices. Bitcoin has now hit $62K for the first time
in five months and the market has rejoiced over this milestone.
With more growth expected in the coming weeks, investors are making
sure that they do not miss out on what the digital asset has to
offer in terms of value. BTC is now the de facto internet store of
value, so investors are FOMO-ing into the asset. This has
translated to a higher price for BTC. However, the majority holding
is still skewed in favor of the whales. These addresses which hold
100 to 1,000 BTC on their balances are increasing the share of the
total circulating supply which they command, and data shows that
there has been an uptick in the number of whale addresses holding
100 to 1,000 BTC. Related Reading | Bitcoin Breaks $60,000
Ahead Of SEC ETF Approvals Addresses Holding 100 To 1,000 BTC Jumps
1.9% A recent report from Santiment showed that the number of
addresses holding between 100 and 1,000 BTC on their balances had
grown in the past five weeks. A reported 254 new addresses had
increased their holdings to join this category of whales, who now
hold about 21.3% of the total bitcoin circulating supply. BTC price
trading north of $61K | Source: BTCUSD on TradingView.com The 254
new addresses represent a 1.9% increase in the number of these
whale holders, signaling more accumulation sentiment among bitcoin
investors in the recent weeks. It is one of the fastest whale
address growth in the history of the digital asset and as buy
pressure continues to mount, it is expected that more addresses
will add to their holdings to get above 100 BTC. “The number of
#Bitcoin addresses holding between 100 to 1,000 $BTC has grown
substantially over the past five weeks. 254 more of these whale
addresses now exist compared to five weeks ago, which is a notable
1.9% increase in this short time period. The number of #Bitcoin
addresses holding between 100 to 1,000 $BTC has grown substantially
over the past five weeks. 254 more of these whale addresses now
exist compared to five weeks ago, which is a notable 1.9% increase
in this short time period.” – Santiment report Majority Of Bitcoin
Holders Are In Profit The profit margins seen from bitcoin
investors have contributed to the accumulation patterns witnessed
in the asset. Glassnode reported that the majority of bitcoin
holders are in profit given the recent price surge. It is estimated
that 99.02% of the entire circulating supply of BTC is in profit.
Related Reading | Strike Launches New Feature To Allow Users
Convert Salaries To Bitcoin With bitcoin only about $3,000 less
than its previous high, the analytics firm reported that there is
only 0.98 BTC left in circulation that was spent at a higher price.
These are the coins that were spent by investors between the $62K
to $64K price ranges, and with the price of the digital asset
targeting new all-time highs, it may not be long until 100% of BTC
in circulation are held at a profit. Featured image from Analytics
Insight, chart from TradingView.com
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