Bitcoin Whales On The Rise: Number Of Wallets Holding 10 Or More BTC Increases

Share This Post

Amidst a negative sentiment surrounding Bitcoin and the entire digital asset sector, BTC whales are becoming increasingly noticeable on the cryptocurrency market as the number of wallets containing 10 or more of the flagship coin has reached a record high.

This surge highlights a strong conviction in Bitcoin’s long-term value as it navigates a challenging landscape of price volatility and regulatory obstacles. It also indicates that BTC has solid foundational support going forward, which is consistent with the general optimism in the market.

Bitcoin Whales Accumulation Reach 2-year High

According to blockchain analytics firm Santiment, the number of these significant holdings has peaked at a level not seen since 2022, indicating a strategic move by major players to strengthen their positions in the top cryptocurrency asset.

On-chain data shows that since February 2022, the number of wallets with 10 or more BTC now controls an astounding 82% of supply, indicating a resurgence of belief in the long-term worth of the cryptocurrency. Given the erratic nature of the cryptocurrency market and the regulatory uncertainty that has beset it lately, this pattern is especially important.

Furthermore, Santiment noted that since then a lot has happened such as Bitcoin’s value increasing by over 226%, demonstrating its position as a potential coin in the crypto market.

The post read:

Wallets holding 10 or more Bitcoin have collectively just matched their same level of holdings from exactly 2 years ago. Much has changed since then, including a rise in Bitcoin’s market value by +226%.

Drawing attention to the collapse of FTX in 2022, the analytics platform underscores the crypto community’s belief that the incident successfully suppressed cryptocurrency prices in the second half of 2022. However, following the exchange’s demise in November 2022, there has been a clear correlation between the total market value of Bitcoin and the wallets holding more than 10 BTC.

Bitcoin

The rising number of major holdings is noteworthy because these whales frequently have a significant impact on the dynamics of the market, especially with regard to price stability and liquidity. 

Consequently, their accumulation of the flagship coin can be an indication of optimism and possibly lead to additional price growth. However, it is important to confront the market knowing exactly what risks are involved, even though this accumulation could be a bullish indication.

Large BTC Holders Deemed Useless

With these kinds of developments generally considered as a bullish signal for price movement, TOBTC, a trading platform has highlighted several analysts’ views on the development. According to the platform, BTC whale watching or following the moves of major Bitcoin investors is popular on social media, but traders consider it useless for valuable analysis.

Related Reading: If Bitcoin ETFs Are Buying, Who Is Selling? Top Analyst Answers

Several analysts contend that whale movements are mostly misunderstood and are not a reliable indicator of market trends. Thus they warn against making declarations about the market based on just whale metrics, pointing out that these data are sometimes noisy and essentially act as social media engagement bait.

Bitcoin

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves

The post Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves appeared first on Coinpedia Fintech News The Bank of Korea (BOK) has firmly stated that it has “never

Coinbase’s Government Network Expands—145 US and 29 Global Entities Onboard

Coinbase is deepening ties with 145 US government entities as the nation accelerates bitcoin adoption, signaling unprecedented institutional demand and a seismic shift in crypto policy Coinbase

Ripple News Today: XRP Proposal Aims to Unlock $1.5 Trillion for Bitcoin Reserves

The post Ripple News Today: XRP Proposal Aims to Unlock $15 Trillion for Bitcoin Reserves appeared first on Coinpedia Fintech News After a long legal tug-of-war under Biden’s leadership, Ripple is

Peter Schiff: Bitcoin Could Crash Below $65K if Nasdaq Enters a Bear Market

Bitcoin faces a steep decline if the Nasdaq downturn deepens, warns Peter Schiff, predicting a wave of panic selling that could shake investor confidence and destabilize markets Peter Schiff Predicts

SEC vs Ripple: How Lawsuit Over XRP Could Wrap up in Days

A legal expert has outlined how the SEC’s lawsuit against Ripple over XRP could end within days, but a major hurdle—navigating the court’s injunction—may complicate the

Is The Bitcoin Cycle Peak In? Historical Halving Data Suggests Upside Potential Into Late 2025

Bitcoin is now down over 29% from its all-time high (ATH) in January, and speculation about a coming bear market is growing among investors After weeks of heavy selling pressure, Bitcoin has entered