New data from market intelligence firm CryptoQuant shows that new Bitcoin (BTC) wallets now hold a whopping 9.3% of the crypto king’s total supply.
In one wire On the social media platform
New whale wallets are defined as having an average coin age of less than 155 days.
“New whale wallets now hold 1.97 million Bitcoin. Each holds over 1,000 BTC, average coin age is less than 155 days, excluding exchange and miner wallets, likely in escrow. Their BTC balance increased by 813% this year and took up 9.3% of the total supply, which today is valued at $132 billion.”
According to Ju, institutional demand for Bitcoin changed the “gambling nature” of BTC, encouraging larger longer-term positions
“At first I thought this might be a data error as the numbers seemed unrealistically high. To put it into perspective, it’s like institutional investors acquiring an additional 8.2% stake in a company called Bitcoin within a year.
The cap table for Bitcoin has become more diversified with the arrival of institutional players. No one calls Bitcoin gambling anymore, and I feel like the atmosphere is becoming more mature.”
You too say that apparent demand – an on-chain metric used to compare production and inventory changes for BTC – is back in the green.
Bitcoin is trading at $67,639 at the time of writing, a gain of 2.64% over the past 24 hours.
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Generated image: Midjourney