2024

Bitcoin

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
On-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1758639265414783377" rel="noopener noreferrer nofollow">Santiment</a> identifies an intriguing trend among Bitcoin whales, primarily those with 1,000 to 10,000 BTC and those with 100 to 1,000 BTC. It also revealed a significant increase in Bitcoin whale activity, which has reached its highest level in 20 months, as large whales accumulate.
Furthermore, Santiment highlighted that the most recent five-day period has seen the highest number of transactions exceeding $100,000 in value since mid-2022. Notably, the 74,900 separate 100,000 transactions in the last five-day period are the highest since June 2022.
<blockquote>
 The net difference in these smaller and larger wallets typically associated with the highest tiers of active whales indicates an estimated +$5.06B in Bitcoin accumulation by 100-10K BTC wallets thus far this year.(Cont) 👇— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1758639265414783377?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 16, 2024</a>
</blockquote>
This demonstrates a clear increase in interest from key stakeholders following Bitcoin's crossing above $50,000 this week, Santiment stated.
According to Santiment, independent of the impressive volume of <a href="https://u.today/anthony-scaramucci-shares-strategy-for-bitcoin-etf" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, there has been a distinct flip in the amount of BTC supply held by different-sized wallets.
In 2024 alone, wallets with 1,000 to 10,000 BTC accumulated 248,900 coins, while those with 100 to 1,000 BTC dumped 151,200 coins.
In USD terms, Bitcoin large whales owning 1,000 to 10,000 BTC have added $12.95 billion worth of BTC, while 100-1,000 BTC wallets reduced their stash by $7.89 billion worth of BTC in 2024.
Santiment states that the net difference between these smaller and larger wallets typically associated with the highest tiers of active whales indicates an estimated $5.06 billion in Bitcoin accumulation by large BTC wallets thus far this year.
In summary, Bitcoin holders with 100–10,000 BTC have added $5.06 billion in BTC this year.
<a href="https://u.today/140000-btc-added-by-bitcoin-whales-in-epic-accumulation-move" rel="noopener noreferrer nofollow">Bitcoin</a> rocketed to a more than two-year high on Thursday, bringing its market capitalization back above $1 trillion as the growing popularity of U.S. spot Bitcoin ETFs boosted investor confidence.
The flagship cryptocurrency was last up 0.1% at $51,761, according to CoinMarketCap data. Earlier this week, BTC reached a high of $52,884, the highest level since December 2021.

$5 Billion Buy Spree of Bitcoin by Mega Whales Spotted, What Happened?

U_Today

Other articles published on Feb 17, 2024

Crypto Prices Today: Bitcoin Nears Drop Below $52K, ETH, SOL, XRP, PEPE Decline

Yuga Labs Acquires PROOF, Intends to Integrate Moonbirds into Otherside

Robert Kiyosaki Urges Buying Bitcoin Amid Fed Criticism

ROSE Price Prediction: Will ROSE Strike Above the $0.1500 Mark?

Huddle01 Welcomes Shruti Appiah as Chief Economist

Why Bitcoin Jumped Past $50,000: Top 3 Factors; Market Experts Bullish on Injective and Shiba Inu...

Join our free newsletter for daily crypto updates!