In recent weeks, there’s been a significant uptick in Bitcoin investments from high-net-worth individuals, as evidenced by the sharp increase in large wallet holdings.
Surge in Bitcoin Shark & Whale Wallets
According to on-chain analytics firm Santiment, Bitcoin addresses containing at least 100 BTC have grown considerably since the start of the current bullish phase. The metric we’re focusing on here is the "Supply Distribution," which shows the number of wallets holding a specific range of coins. In this case, we’re talking about addresses with 100 or more BTC—without an upper limit.
Given the current exchange rates, holding 100 BTC equates to roughly $10.4 million, marking these as wallets owned by substantial investors. Specifically, these belong to two primary groups in the BTC community: sharks and whales. The larger an entity’s holdings, the greater their market influence, making these investors key players in the Bitcoin network.
Their actions and movements, reflected in their Supply Distribution trends, provide insights into the sentiment dominating this segment of investors. While their transactions might not immediately affect Bitcoin’s market value, they still offer valuable clues about potential market directions.
Below, we look at a chart from Santiment that outlines the Bitcoin Supply Distribution for wallets holding 100+ BTC:
From the data, it’s evident there’s been an upward trend in the number of these substantial holders, aligning with Bitcoin’s bull market. As of October 10th, the tally of such addresses was 16,062. Fast forward to today, and this figure has jumped to 17,644. This increase indicates that approximately 1,582 new large wallets have emerged over the past nine weeks.
A significant portion of this 9.9% increase has occurred this month, indicating that many of these big investors are buying Bitcoin even at the current high prices.
This continued growth in large BTC wallets, even as prices soar, is generally a positive indicator. It suggests that influential investors see value in Bitcoin at these levels, and this sentiment often signals future growth. Consequently, we’ve seen Bitcoin’s price push even higher, recently surpassing $106,000.
Current BTC Price
At this moment, Bitcoin is being traded at about $103,900, marking a nearly 5% rise over the last week.
As you can see, the coin’s price has surged in the past 24 hours, based on BTCUSDT data from TradingView. Featured images are credited to Dall-E and Santiment.net, with charts from TradingView.com.
