Bitcoin Whale Wallets Climb to Six-Month High as Big Holders Net Buy $1.5 Billion
Summary
- Santiment said the number of wallets holding more than 10,000 BTC rose to 90, the highest level in six months.
- Santiment said whale and shark wallets holding 10 BTC to 10,000 BTC have net accumulated $1.5 billion in Bitcoin since July 29.
- Santiment said the pattern of accumulation by large holders and selling by smaller holders makes a rise above $70,000 more likely than a drop below $60,000.
Forecast Trend Report by Period
On-chain data show large Bitcoin holders have quietly stepped up accumulation over the past eight weeks.
CoinDesk reported on August 11 that on-chain analytics firm Santiment said the number of wallets holding more than 10,000 Bitcoin had risen to 90, the highest level in six months. That was up by six wallets over the past eight weeks, a 7.1% increase.
The accumulation trend is also visible across a broader group of large holders. Since July 29, so-called whale and shark wallets holding between 10 Bitcoin and 10,000 Bitcoin have net bought a total of $1.5 billion worth of the token, Santiment said. By contrast, balances in smaller wallets have steadily declined since the start of August.
Santiment said the combination of accumulation by large holders and selling by smaller investors makes a move above $70,000 more likely than a drop below $60,000.
The buying trend comes against the backdrop of the Coldcard hardware wallet hack, which resulted in losses worth about $120 million, and another delay in Senate consideration of the CLARITY Act, a US crypto market structure bill, until September. Santiment's analysis said the two developments increased uncertainty and prompted selling by smaller investors.
Bitcoin was trading at $64,108.58 on Binance's USDT market, down 1.41% from a day earlier.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.