On-chain data shows that the number of Bitcoin holders holding more than 10k BTC has increased recently, a sign of whale accumulation.
The number of Bitcoin whales holding 10k or more BTC has recently increased
As noted by an analyst in a CryptoQuant post, 1k+ and 10k+ BTC holders have seen some growth in recent weeks.
Holders with 1k or more BTC are considered whales, and their movement can have a noticeable impact on the Bitcoin market.
The relevant indicator here looks at all the wallets on the network to see how many hold between 1k and 10k BTC and how many hold more than 10k BTC.
Now, here is a graph showing how the headline count of these two groups of Bitcoin whales has changed over the last few years:
It seems that 10k BTC holders have seen very strong growth recently | Source: CryptoQuant
As you can see from the chart above, while the value of Bitcoin has been trending down since November of last year, the number of Bitcoin whales holding more than 10k BTC has only increased.
1k+ BTC holders, on the other hand, were mostly in a sideways trend until May came around, where the 10k BTC whales dipped a bit and 1k+ holders surged. This could be because the previous group sold some of their supply and fell into the 1k to 10k range.
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Not long after this surge, however, the 1k+ BTC whales retreated and the 10k whales saw rapid growth. There could be two things contributing to this trend.
First, some of the 1k+ BTC holders sold some of their supply such that their wallets fell below the 1k mark. And second, many of the remaining holders bought more and entered the 10k+ category. Both would mark as a 1k+ whale count drop.
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However, very recently, 1k+ BTC whales have once again seen some growth, while 10k holders have still trended higher. This implies that the total number of whales as a whole has risen in the market recently.
Such an accumulation of Bitcoin whales can lead to a positive outcome for the price of the crypto.
At the time of writing, the price of Bitcoin is hovering around $22,200, down 1% over the past seven days. Over the last month, the crypto has gained 10% in value.
The value of the crypto has dropped a bit in recent days | Source: BTCUSD on TradingView Featured image by Karl-Heinz Müller on Unsplash.com, TradingView.com charts, CryptoQuant.com
This post Bitcoin whales with more than 10k BTC have been growing
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