On-chain data has indicated that Bitcoin whales have been able to accumulate around 37,100 Bitcoin units in the span of the last ten days. The data report has been issued by Santiment.

According to these statistics, there are several Bitcoin whales, such as holding groups, have indicated major trading activity recently. To this end, the bulls have been able to take control of the marketplace.

As per Santiment, one indicator in particular, namely Bitcoin Supply Distribution, has aired a strong bullish signal. This metric can measure which Bitcoin wallet addresses have the ability to contain how much percentage of Bitcoin holdings. As per the crypto market aggregator, using this metric, it is possible to measure the total supply of Bitcoin in real time.

Santiment’s Data

As per the Supply Distribution metrics issued by Santiment, the addresses that contain around 1-10 Bitcoins are the ones that have accumulated the collective 37K Bitcoin holdings.

Additionally, Sentiment analysts have used the same metric to project the current supply of Bitcoin among the Bitcoin wallets that fall into the aforementioned frequency.

According to the Santiment analysts, the groups of wallets that may be of interest under the current market pretext are 10-100 BTC. 100-1000 BTC, 1000-10,000 BTC ranges.

Santiment has also issued the same wallet groups projections for the last year for comparative analysis. The Bitcoin wallets with 10-100 coins that are dubbed as sharks have been said to possess around 105,600 Bitcoins.

Santiment has postulated that the 100-1000 coin club has accumulated around 67K Bitcoin in the last eight weeks. This range has been identified as small whales, and they represent a massive portion of Bitcoin investors.

The last range, with wallets containing 1000-10,000 Bitcoins, is said to have been selling their Bitcoin reserves rather than purchasing more.

However, despite the sellouts, the total Bitcoin accumulation in the last cohorts has increased by 37K in total. The Santiment analysts have aired a warning for the investors that the bearish stance of the 1000-10,000 groups may overturn the current market sentiment. At press time, Bitcoin is trending at $21K, up more than 20% during the last seven days.

Leave a Reply

Your email address will not be published. Required fields are marked *