An Increase In The Number Of Bitcoin Addresses With 100 To 10,000 BTC Indicates Increased Whale Support.
The number of Bitcoin wallets holding between 100 and 10,000 coins has hit a 2-month high.
Recent reports by Santiment, an on-chain analysis, and social metrics entity, the number of Bitcoin wallets or addresses currently holding 100 to 10,000 BTC coins is the highest since June 11. That indicates a sharp increase in two months. At current market values, the addresses are holding between $2.3 million and $233 million.
According to Santiment, “Bitcoin addresses holding between 100 to 10,000 BTC ($2.3m to $233m) has reached its largest quantity since June 11th. We look to this tier of large addresses as confidence from large active holders, and this increase is encouraging.”
Santiment Further reveals that 15,824 addresses are holding 100 to 10,000 BTC highest since June 11th.
Decreased Exchange Deposits
Also, according to Glassnodes, another on-chain alerts firm, investors seem to have a reduced appetite for exchange deposits. This means that many BTC whales are not moving their stash around. Glassnode reports that the 7-day MA (moving average) for Bitcoin exchange deposits has hit a 2-year low of 2,009.256. This breaks the previous 2-year record of 2,010.179 posted on July 15, 2022.
? #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,009.256
Previous 2-year low of 2,010.179 was observed on 15 July 2022
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/8bQvzHCFff
— glassnode alerts (@glassnodealerts) August 17, 2022
This comes when Bitcoin’s price seems to be gaining momentum after months of bearish attacks. At the moment, the top coin is going for around $23.4k. Bitcoin’s strength is partly influenced by the ongoing adoption by various economic sectors and increasing global acceptance as a means of payment.
What Does This Mean?
Basically, an increase in the number of addresses holding a significant number of Bitcoins, coupled with a notable decrease in exchange deposits, may mean that whales are actively accumulating and moving their stash away from exchanges. In essence, this could be an indication that these whales have chosen to hodl their stash, possibly in anticipation of an oncoming crypto bull run. It’s not uncommon for bull runs to be preceded by a period of aggressive accumulation and hodling.
However, it’s not yet clear how long these holders intend to keep away from exchanges, especially considering that the global economy is still in recession while the crypto space remains resilient.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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