Santiment, the leading on-chain analytics platform, observed that large-cap investors or whales holding bitcoins in the range of 100 to1000 BTC have exponentially surged in a span of five weeks. The website compared the data from five weeks ago and noticed an increase of 254 new addresses recording a jump of 1.9% in such a short span of time.
Commenting on the data, Santiment in its tweet noted,
The number of Bitcoin addresses holding between 100 to 1,000 BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period.
The increased accumulation among the rising cohort of new whales indicates that that the large BTC holders are not keen to sell their assets and are in anticipation of a further increase in the price action of the king coin.
Bitcoin [BTC] holders on an accumulating spree
A few days ago, the crypto analytics forum stated that the recent BTC price surge was swayed by the whales instead of the widely perceived bulls. In its Twitter post, the on-chain data provider mentioned that the large-cap investors holding BTC between 100-1000 have amassed to the tune of 85.7k BTC with a total valuation of around $4.78 billion since the flagship asset’s price crash last September. According to the firm, these long-term market participants held a record 21.3% of the Bitcoin total supply.
BTC further upswing signals
On a similar note, another prominent blockchain data intelligence provider, Glassnode observed that large-cap investors have returned to gain from the significant unrealized proceeds. The long-term holder’s cohort currently retains about 70% of the market capitalization in terms of unrealized profits. In the event of the metric climbing higher than 75%, the probability of repeating the 2013 double rally scenario is in the cards.
Bitcoin [BTC] has exhibited a bullish momentum lately owing to the probable debut of the Bitcoin exchange-traded fund [ETF] in the next week. It soared to $62,626 briefly yesterday in the early hours following Square CEO Jack Dorsey’s announcement to build a customized silicon Bitcoin mining rig. At press time it is trading at $61,136, an almost 2% decline in the past 24 hours.