According to data almost 50% of bitcoins are being held by whales
Wallets holding between 100 and 10,000 bitcoins, known as whales, now own nearly 50% of all BTC. According to a report by analyst firm Santiment, the percentage was achieved after a large purchase last month.
Apparently, Bitcoin’s decline in May was what drove whales shopping. Last month, BTC faced a sharp correction that dropped its price from $58,800 to close to $30,000. With the cryptocurrency at a low, big investors took the opportunity to line their pockets.
According to Santiment’s report this Wednesday (16), whales have purchased 90,000 BTC just in the past 25 days.
Thus, considering the current value of the cryptocurrency ($ 39,100), the amount is equivalent to $3.6 billion.
With the new acquisition, whales now maintain a 7-week high with 9.11 million Bitcoin. The amount is equivalent to $366.98 billion:
“Bitcoin addresses storing between 100 and 10,000 BTC have accumulated over 90,000 BTC in the last 25 days. They now maintain a 7-week high of 9.11 in BTC, currently worth a total of $366.89 billion, and 48.7% of the total Bitcoin supply,” Santiment revealed.
According to the company, collectively, the whales now have the largest amount of cryptocurrencies since April 23rd. At the time, Bitcoin was trading around $50,000.
About a week ago, Santiment published another report reporting on whale activity. The authors pointed out that big investors were buying low “with confidence”.
In addition, the volume traded on exchanges has gone down, with a large number of BTC being pulled off platforms — indicating a hold sentiment for the longer term. As Santiment highlighted in the report, this is a bullish signal.