On-chain data shows that Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push toward recovery.
Bitcoin Whales Have Continued To Add To Their Holdings Recently
According to data from the on-chain analytics firm Santiment, the whales have bought around $3.5 billion in the digital asset since the first week of April. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now.
The wallet groups here refer to cohorts of addresses divided based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the 1,000-10,000 coins group is the one of interest.
Naturally, this cohort would include all addresses or investors who are holding at least 1,000 BTC and at most 10,000 BTC. As the only holders that own such large wallets would be the whales, this group can provide insight into the behavior of these humongous investors.
If n the Supply Distribution is applied for this specific cohort, it would track the combined amount of Bitcoin that all the whales falling inside this range are holding currently.
Now, here is a chart that shows the trend in the BTC Supply Distribution for the whales over the last few months:
The value of the metric seems to have been going up in recent days | Source: Santiment on Twitter
As displayed in the above graph, the 1,000-10,000 coins group has registered an increase in its supply recently. More specifically, since the first week of April (that is, just before the rally had hit what has so far been the top), the whales have added around 131,600 BTC (worth about $3.5 billion at the current exchange rate) to their wallets.
It would appear that these humongous Bitcoin investors were constantly adding to their addresses as the price was going down, perhaps hoping to catch the bottom.
Recently, however, the group had slowed down as the decline was showing no signs of stopping, and fresh FUD like the SEC charges against Binance and Coinbase had emerged in the market.
But a few days back, when Bitcoin had plunged below $25,000, the supply of the whales had started showing a rapid rise, implying that this cohort was heavily bought at the low prices.
Generally, while buying is a bullish sign for the price, it would appear to have held up for the asset this time as well, since the coin has shown some recovery efforts since this latest buying spree from these holders began, with the price even going above $27,000 for a brief period during the past day.
So far, the whales haven’t shown any signs of stopping their latest accumulation streak, as their supply has now risen to a seven-month high of 4.65 million BTC.
At the time of writing, Bitcoin is trading around $26,700, up 2% in the last week.
BTC has been making a recovery push | Source: BTCUSD on TradingView
Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, Santiment.net