On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

On-chain data shows the number of Bitcoin holders with 10k+ BTC have grown recently, a sign of accumulation from whales.

As pointed out by an analyst in a CryptoQuant post, both the 1k+ and 10k+ BTC holders have observed some growth in recent weeks.

Holders with 1k or more BTC are considered whales, and movement from them can have noticeable impacts on the Bitcoin market.

The relevant indicator here looks at all wallets on the network to see how many own between 1k and 10k BTC and how many are holding more than 10k BTC.

Now, here is a chart that shows how the holder count of these two Bitcoin whale groups have changed during the last couple of years:

As you can see in the above graph, while the value of Bitcoin has been on a downtrend since November of last year, the number of Bitcoin whales with more than 10k BTC has only gone up.

The 1k+ BTC holders, on the other hand, were mostly on a sideways trend until May came, where the 10k BTC whales slumped down a bit and the 1k+ holders spiked up. This could possibly be because of the former group selling off some of their supply and dropping into the 1k to 10k range.

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Not long after this increase, however, the 1k+ BTC whales dropped off and the 10k ones observed a rapid growth. There could be two things contributing to this trend.

First, some of the 1k+ BTC holders sold part of their supply such that their wallets went below the 1k mark. And second, many of the remaining holders rather bought more and entered into the 10k+ category. Both of these would mark as a drop in the 1k+ whale count.

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However, very recently the 1k+ BTC whales have again observed some growth while the 10k holders have still been sharply trending up. This implies that the total number of whales as a whole has gone up in the market recently.

Such accumulation from Bitcoin whales can lead to a positive outcome for the price of the crypto.

At the time of writing, Bitcoin’s price floats around $22.2k, down 1% in the last seven days. Over the past month, the crypto has gained 10% in value.