You are here: Home / News / Bitcoin’s Heavy Hitters: Whales Amass $1.95 Billion In Just 6 Weeks
Santiment, a prominent cryptocurrency analytics platform, has revealed a significant surge in Bitcoin accumulation within mid to large-sized wallets. According to the tweet, these wallets have amassed a staggering 71,155 BTC, equivalent to approximately $1.95 billion, over the past six weeks.
The data suggests a notable uptrend in the accumulation of BTC holdings among these wallet addresses. Notably, the cumulative holdings of these wallets are currently only about 0.59% shy of their November 2021 figure, which stood at an impressive 15.29 million BTC.
This accumulation trend sheds light on the growing interest and confidence of mid to large-sized investors in BTC, further fueling discussions about the digital asset’s long-term potential and the evolving landscape of cryptocurrency investments.
Large Bitcoin Holders Remain Bullish Despite The Price Drop To $25k
Meanwhile, another crypto analytics firm, IntoTheBlock, has highlighted the quietly bullish stance of large Bitcoin holders, shedding light on some intriguing information in the market.
🔍 Q3 Update:
Large #Bitcoin holders are quietly bullish.
👉Despite BTC dropping to $25k last quarter, we saw a single-day inflow of $600M to wallets holding at least 0.1% of supply.
👉Three more spikes of $400M+ followed.
👉Interestingly, these spikes happened while… pic.twitter.com/6NWQpyrMoQ
— IntoTheBlock (@intotheblock) October 6, 2023
Despite BTC’s price experiencing a significant drop to $25,000 during the last quarter, IntoTheBlock reports a remarkable phenomenon – a single-day inflow of a whopping $600 million into wallets holding at least 0.1% of the total BTC supply.
Even more interesting is that this substantial inflow was not a one-time occurrence. Three more spikes of $400 million or more in net inflows to large Bitcoin holders followed.
Additionally, IntoTheBlock’s report reveals that Bitcoin transaction fees have seen a remarkable decline of 71.9% compared to the previous quarter. This decrease follows the emergence of BRC-20 tokens to trade meme tokens on the Bitcoin network, which initially drove fees higher.
However, compared to the same quarter in the previous year, Bitcoin fees have more than doubled, underlining the sustained demand that Ordinals (Bitcoin’s BRC-20 tokens) have attracted.
Regarding net outflows, BTC recorded relatively minor figures, with $90 million leaving the network throughout the quarter. It represents a significant decrease of $1.3 billion compared to the previous quarter but is still $140 million more than last year.
These insights into large holder accumulation and the notable influx of funds into their wallets offer a nuanced perspective on BTC’s current sentiment. Furthermore, as the SEC delays decisions on Bitcoin spot ETF applications once again, it remains to be seen how the patience of these large holders will be tested in the evolving landscape of cryptocurrency investments.
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