Whales Accumulate 37,100 BTC: Bitcoin Rally Not Over Yet?

• On-chain data shows that large Bitcoin whales have been accumulating in the last 10 days as BTC has rallied strong.
• A relevant indicator here is the “BTC Supply Distribution” which tells us which wallet groups on the network are holding what percentage of the total supply.
• The total percentage of the Bitcoin supply held by the 10-100 coins band has been rising for the past 10 weeks or so.

In the past 10 days, large Bitcoin whales have been accumulating as Bitcoin (BTC) has rallied strongly. On-chain analytics firm Santiment has been tracking the activity of whales and other large holders through its “BTC Supply Distribution” metric. This metric tells us which wallet groups on the network are holding what percentage of the total supply.

The wallet groups here refer to ranges that denote the upper and lower bound for the number of coins that each wallet in a given group is currently holding. For instance, the 1-10 coins band includes all wallets that are carrying at least one Bitcoin and at most ten Bitcoin right now. The Supply Distribution metric for this group would then show the share of the total Bitcoin supply that the combined balances of all the wallets falling into this range currently occupy.

In the context of the current topic, there are three wallet groups of interest: 10-100 coins, 100-1,000 coins, and 1,000 to 10,000 coins. As displayed in the graph from Santiment, the total percentage of the Bitcoin supply held by the 10-100 coins band has been rising for the past 10 weeks or so. Holders with balances in this range are usually called “sharks.”

Over this period, the value of the Supply Distribution metric for this band has risen from around 6.45% to 7.55%. This indicates that wallets with balances between 10 and 100 Bitcoin have added a total of 37,100 BTC to their holdings in the past 10 days. This is a significant amount of Bitcoin, and it suggests that large holders have been accumulating during the recent rally.

This accumulation of Bitcoin by whales is a positive sign for the market. It indicates that large investors are confident in the long-term prospects of the cryptocurrency and are taking advantage of the current market conditions to add to their holdings. The recent accumulation of Bitcoin by whales could also indicate that the current rally is far from over and that more upside could be in store for the cryptocurrency in the near future.