According to a recent report by Santiment, there has been a significant increase in Bitcoin whale addresses. Because in just 24 hours, 16 new addresses were added to this category. Well what does it mean? Here are the details…
Bitcoin whales are increasing
Santiment data pointed out a critical development for Bitcoin. Because, according to data, the number of whales has increased. This sudden increase in whale addresses aligns with Bitcoin’s ongoing quest to surpass the formidable $27,000 resistance level. So, it paved the way for an interesting chapter in the cryptocurrency world. Santiment’s data shows that this increase in whale addresses is particularly related to those holding 100 to 1,000 BTC. It also reveals that it marks the most significant one-day increase in this category since February 28, 2022. With these new additions, the total number of addresses in this group reaches an impressive 13,967. Thus, it showed that the interest of large-scale investors has increased again.
🐳🦈 Since February, 2022, there has been a historic rise in shark & whale wallets holding at least 10 $BTC. In the past 20 months, since this accumulation of new large wallets began, 11,806 more addresses have met this threshold, an 8.12% total increase. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n
— Santiment (@santimentfeed) October 13, 2023
However, it is important to note that this increase is partly due to smaller wallets advancing to the next tier. A staggering 140,210 addresses currently hold between 10 and 100 Bitcoins. This highlights the growing interest among investors focused on individual investors. Santiment had previously announced that wallets containing at least 10 BTC have witnessed an unprecedented increase since February 2022. Since March 2022, there have been 11,806 new addresses for wallets of 10+ BTC, representing a 12 percent growth in individual-focused addresses.
The relationship between long-term investors and market dynamics
At the same time, this increase in Bitcoin whale addresses coincides with long-term holders continuing to accumulate the top crypto asset. According to blockchain analytics firm IntoTheBlock, investors who have held BTC for more than a year now own a significant 69% of the asset’s total supply. This statistic underscores the confidence these long-term holders have in Bitcoin’s enduring value. Meanwhile, throughout October, Bitcoin’s price faced significant challenges. Because the price, which was over $28,000 at the beginning of the month, dropped to $26,900. Some experts pointed to the escalating tensions in the Middle East and conflicting data from the derivatives market. There were also those who warned about the potential for Bitcoin to fall as low as $25,000.
These concerns pointed to increased selling pressure due to the actions of BTC miners. This is particularly amplified by IntoTheBlock. This week, miners sold over 20,000 BTC, the largest amount sold since April. Thus, it put significant pressure on the market. However, market watchers are eyeing the decision of the US Securities and Exchange Commission (SEC). He remains hopeful about Bitcoin’s fortunes if the SEC approves the spot exchange-traded fund (ETF). In addition, the asset’s historical performance is pointed to as a source of optimism. For this, attention is drawn to the upcoming Bitcoin halving, which is seen as a bullish factor for the industry.
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