These Bitcoin Holders Have Bought Almost $2 Billion In Last 6 Weeks: Data
October 06 2023 - 10:30AM
NEWSBTC
On-chain data shows that mid to large Bitcoin holders have
purchased almost $2 billion in the asset during the past six weeks.
Bitcoin Holders With 1 To 10,000 BTC Have Neared All-Time High
Holdings According to data from the on-chain analytics firm
Santiment, the mid to large-sized BTC addresses have added 71,555
BTC to their holdings recently. The relevant indicator here is the
“BTC Supply Distribution,” which keeps track of the total amount of
Bitcoin that each holder group in the market is holding right now.
The investors or addresses are divided into these cohorts based on
the total number of tokens that they are currently carrying. The
1-10 coins group, for instance, includes all holders who own at
least 1 and at most 10 BTC. Related Reading: This Ethereum Metric
Is Retesting The Bear-Bull Junction, Will Break Happen? If the
Supply Distribution is applied to this specific cohort, it would
tell us about the total amount of the asset that the addresses on
the network fulfilling this condition are currently holding as a
whole. In the context of the current discussion, the mid and
large-sized investors in the market are of interest. Typically,
these are the addresses ranging between 1 and 10,000 BTC. Here is a
chart that shows the trend in the combined Bitcoin Supply
Distribution for all the cohorts falling inside this particular
coin range over the past few months: Looks like the value of the
metric has surged in recent days | Source: Santiment on X This
wallet range covers a variety of groups, with the two most notable
being the sharks and whales. The sharks are generally the entities
with 100-1,000 BTC, while the whales are those with 1,000-10,000
BTC. Both of these cohorts carry some power in the sector, because
of the sheer size of their holdings. The whales, however, carry
significantly more influence than the sharks, a natural consequence
of their balances being much larger. The rest of the investors
inside this range (those with 1-100 BTC) are considered mid-sized
holders, who may not be relevant individually, but as a whole, they
can have a notable presence in the market. From the graph, it’s
visible that the combined holdings of all these groups have been
heading up recently, implying that buying has been taking place.
During the past six weeks alone, these investors have purchased a
total of 71,155 BTC, which is equivalent to about $1.97 billion at
the current exchange rate. With this latest accumulation spree, the
total holdings of these Bitcoin investors have hit about 15.2
million BTC, which is the largest amount that they have held since
January 2022. Related Reading: XRP, Polygon See Month-High Volumes
As Investors Show FOMO Not just that, their current holdings are
also just 90,000 BTC shy from their all-time high back in November
2021, where they owned about 15.29 million tokens of the asset. As
is visible from the chart, the indicator has observed some
particularly sharp growth during the past week or so, suggesting
that these holders believe the current prices are worth buying at.
BTC Price Bitcoin hasn’t moved much since its pullback a few days
ago as its price is still trading around the $27,700 mark. The
value of the metric seems to have been moving sideways in the past
few days | Source: BTCUSD on TradingView Featured image from
Kanchanara on Unsplash.com, charts from TradingView.com,
Santiment.net
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