Bitcoin Sharks And Whales Have Added 40,557 BTC To Their Holdings Recently
As per data from the on-chain analytics firm , the sharks and whales weren’t behind the dip in the price seen earlier. The relevant indicator here is the “BTC supply distribution,” which tells us which wallet groups currently hold what percentage of the total Bitcoin supply.
Wallets are divided into these groups based on the total number of coins they are holding right now. For example, the 1-10 coins cohort includes all wallets that are carrying a balance between 1 and 10 BTC.The value of the metric seems to have been climbing in recent days | Source:
This coin range covers two important cohorts for Bitcoin: the sharks and whales. Since these holders can have such huge wallet amounts (the range converts to $225,000 at the lower end and $225 million at the upper bound), their movements can have noticeable influences on the market, and because of this reason, their wallets can be the ones to watch for.
As displayed in the above graph, the Supply Distribution of these sharks and whales has trended up in March, meaning that the total percentage of the BTC supply that is in their wallets has been increasing. In total, these investors have added an additional 40,557 BTC to their holdings during this surge. With this latest accumulation, these investors now own around 67% of the entire circulating supply.It would also seem that the buying pressure from these whales has ended up having a positive effect on the coin, as the asset’s price has seen some sharp upwards momentum in the past day.
BTC Price
At the time of writing, Bitcoin is trading around $22,300, down 1% in the last week.Looks like the price of the cryptocurrency has sharply surged in the past day | Source: