Bitcoin whales go on buying spree

17 Jun 2021

Bitcoin whales have accumulated around 90,000 Bitcoin over the past 25 days, worth over $367 billion.

The findings were published on Thursday by crypto market data aggregator Santiment. The “millionaire tier” addresses are those holding between 100 and 10,000 Bitcoin – the largest section of BTC hodlers, making up 48.7% of the cryptocurrency’s supply.

The analytics firm said on Twitter: “Bitcoin got up to a 3-week high of $40,800 a few hours ago, and the upward push appears to be aided by a healthy flow of funds being moved off exchanges today. When flow balance heads into the negative like it consistently did Monday, it’s a bullish sign.” 

The buying spree over the last 25 days puts the millionaire addresses at a seven-week high in terms of the number of Bitcoin held, Cointelegraph reports, representing over 9.11 million Bitcoin, a marginal decline from the mid-April high.

In addition, according to on-chain analytics provider, Glassnode, miners are accumulating Bitcoin, with outflows from miner addresses falling to around $1.7 million on Wednesday, a five-month low.

Moreover, Glassnode also highlighted the number of addresses holding less than one Bitcoin has doubled since December 2017, to make up approximately 5% of the digital currency’s market cap, the Cointelegraph report goes on to add.

Although several whales and miners are hodling their coins awaiting higher prices, two transfers of around 5,000 Bitcoin – $200 million each – were identified on Coinbase this week.

Bitcoin’s current market capitalisation exceeds $750 billion, with the world’s largest cryptocurrency having a market dominance of approximately 44%.