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HomeCrypto NewsMarketBitcoin Sees Highest Number of 10+ BTC Wallets in Two Months Amid Whale Accumulation

Bitcoin Sees Highest Number of 10+ BTC Wallets in Two Months Amid Whale Accumulation

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Bitcoin whale and shark wallets increased by 261 in July, reaching the highest count since May 21, while small traders sold off their holdings.

Recent data from Santiment, a market intelligence platform, reveals a significant increase in Bitcoin whale and shark wallets, despite the market dip. In July alone, there was a net increase of 261 wallets holding at least 10 BTC. This spiked the number of wallets holding at least 10 BTC to 152K, the highest since May 21.

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This accumulation contrasts sharply with the behavior of smaller traders who have been selling off their Bitcoin holdings during this period. 

Large Holders vs. Small Traders

The Santiment report highlights a distinct divergence between large holders, often referred to as “whales” and “sharks,” and smaller traders. Whales, holding 1,000 BTC or more, and sharks, with 10 to 1,000 BTC, are increasing their Bitcoin holdings

This trend suggests that these larger holders are taking advantage of the lower prices to accumulate more Bitcoin, anticipating future price increases. In contrast, small traders are liquidating their holdings, possibly due to angst, which has contributed to the current selling pressure in the market.

Bitcoin Holdings Distribution

Meanwhile, data from IntoTheBlock provides further insights into Bitcoin holdings distribution. As of June 24, 2024, addresses with 0 to 0.001 BTC constitute the largest group, with 29.8 million addresses. 

Bitcoin Addresses IntoTheBlock
Bitcoin Addresses | IntoTheBlock

Addresses holding 0.001 to 0.01 BTC number 11.86 million, while those with 0.01 to 0.1 BTC total 8.03 million. Medium-sized holders (0.1 to 1 BTC) account for 3.54 million addresses, and more substantial holders (1 to 10 BTC) represent 859.7K addresses. 

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Larger investors, holding 10 to 100 BTC, number 136.97K, and major investors with 100 to 1,000 BTC total 13.81K addresses. Institutional investors and high-net-worth individuals holding 1,000 to 10,000 BTC number 1.96K, with extremely large holdings (10,000 to 100,000 BTC) held by 102.5 addresses. 

Notably, three addresses hold over 100,000 BTC, likely belonging to exchanges or major entities.

Significant Bitcoin Outflow from BitMEX

Elsewhere, BitMEX, a prominent crypto exchange, experienced its second-largest Bitcoin outflow in history, signaling bullish sentiment. On July 5 and 6, 35,807 BTC, worth approximately $2.1 billion, flowed out of BitMEX. 

According to Joao Wedson, a data scientist at CryptoQuant, this outflow indicates major investors are moving their holdings to other platforms, potentially reducing immediate selling pressure on BitMEX and stabilizing Bitcoin’s price. 

He asserted that these withdrawals suggest that whales are betting on a Bitcoin uptrend, reinforcing the bullish outlook reported by Santiment and IntoTheBlock. However, BitMEX clarified that the outflow was the result of a fund reshuffling carried out by its internal team.

DisClamier: 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 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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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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