- Over the past year so far, there has been a rally in BTC whale accumulation.
- The recent rise in the price of the coin has led to miners making profits.
Bitcoin [BTC] has seen a significant increase in whale accumulation since the beginning of the year, InTheBlok noted in a recent post on X (formerly Twitter).
This trend, coupled with bullish sentiment in the overall market, has pushed the leading cryptocurrency to exchange hands at a three-year high.
At the time of writing, BTC exchanged hands at $61,969. According to last month’s data, the value of the coin has increased by almost 50% CoinMarketCap.
AMBCrypto found that this period was marked by a significant increase in the large influx of holders of the coin.
According to IntoTheBlock, BTC’s large holders refer to investors with more than 0.1% of the coin’s circulating supply.
When inflows from large holders of the coin increase, it indicates that there is strong buying activity among this investor cohort.
In the past month, the inflow of major investors into BTC has increased by a whopping 573%.
This suggested that BTC investors, holding more than 0.1% of the coin’s circulating supply, have accumulated a significant portion of the coin on centralized exchanges and transferred their acquisitions to cold storage.
Source: IntoTheBlock
Conversely, outflows from this BTC investor class plummeted during the same period, according to data from IntoTheBlock. In the last 30 days, outflows from large BTC holders have fallen by 95%.
Miners cash in their profits
BTC’s recent rally above $64,000 has resulted in an increase in profit-taking activity among miners on the network.
According to data from CryptoQuantBTC’s Miner Reserve, which measures the amount of coins held in the wallets of member miners, witnessed a slight decline over the past week.
During this period, the number of coins in these wallets decreased by 0.4%. At the time of writing, 1.8 million BTCs were held in miners’ wallets, the lowest since March 2021.
When this measure falls, it signals a rally in coin sell-offs among network miners.
Source: CryptoQuant
Likewise, the reporting period saw an increase in the flow of miners to exchanges.
Read Bitcoin’s [BTC] Price forecast 2024-2025
In fact, the statistic climbed to a three-month high on March 1, when 2,349 BTCs were sent to exchanges for further sale from miners’ wallets.
Source: CryptoQuant
The metric tracks the amount of coins flowing from miners to exchanges. When its value rises, it means miners are selling more BTC than they are mining for profit.