New data shows the biggest Bitcoin (BTC) whales will seize billions of dollars worth of the top crypto asset by market cap by 2024.
According to market intelligence platform Santiment, digital wallets holding between 100 and 1,000 BTC have outsold the crypto king this year, while wallets holding 1,000 to 10,000 BTC have sold this year. gobble Bitcoin is rising rapidly.
“Regardless of the impressive volume occurring with Bitcoin ETFs (exchange traded funds), there has been a clear turnaround in the level of BTC supply held by different sized wallets:
1,000-10,000 BTC wallets: $12.95 billion added in 2024.
100-1,000 BTC wallets: $7.89 billion down by 2024.”
According to Santiment, the accumulation of larger BTC portfolios is enormous surpassing sales by the smaller whale cohort. So does the analytics company finds that the number of large Bitcoin transactions worth more than $100,000 saw a sudden spike last week when BTC broke above $50,000.
“The net difference between these smaller and larger wallets typically associated with the highest levels of active whales indicates an estimated +$5.06 billion in Bitcoin accumulation from 100-10,000 BTC wallets so far this year.
Additionally, the most recent five-day period has seen the highest level of transactions worth over $100,000 since June 2022. There has been a clear increase in interest from key stakeholders after Bitcoin broke above $50,000 this week.”
Bitcoin is trading at $52,415 at the time of writing, up more than 1.50% in the past 24 hours.
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Generated image: Midjourney