{"id":533434,"date":"2023-05-18T11:00:28","date_gmt":"2023-05-18T11:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=533434"},"modified":"2024-06-11T07:32:29","modified_gmt":"2024-06-11T07:32:29","slug":"bitcoin-bullish-signal-whales-accumulate-84897-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bullish-signal-whales-accumulate-84897-btc\/","title":{"rendered":"Bitcoin Bullish Signal: Whales Accumulate 84,897 BTC"},"content":{"rendered":"
On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price.<\/p>\n
According to data from the on-chain analytics firm Santiment<\/a>, when whales last accumulated like this, the price jumped about 34%. The relevant indicator here is the “BTC Supply Distribution<\/a>,” which tells us about the total amount (as well as the percentage) of the Bitcoin supply that each wallet group in the market is holding currently.<\/p>\n The addresses on the network are divided into these wallet groups based on the number of coins that they are carrying in their balances at the moment. The 10-100 coins cohort, for instance, includes all addresses that are holding at least 10 and at most 100 BTC currently.<\/p>\n Naturally, if the Supply Distribution is applied to this specific group, it would measure the amount of the supply that wallets satisfying this condition are holding as a whole.<\/p>\n Now, in the context of the current discussion, the Bitcoin cohort of interest is the “whale<\/a>” group. Whales are humongous entities that carry at least 1,000 BTC ($26.8 million at the current exchange rate) and at most 10,000 BTC ($268 million) in their wallets. This means that the 1,000-10,000 coins group is of relevance here.<\/p>\n The below chart shows the trend in the Bitcoin Supply Distribution for this particular cohort over the past year:<\/p>\n <\/p>\n As displayed in the graph, the Bitcoin Supply Distribution for the whale group has observed an overall uptrend recently. During the last five weeks, these humongous investors have added around 84,897 BTC to their holdings, which is worth around $2.2 billion.<\/p>\nThe value of the metric seems to have been on the rise in recent days | Source: Santiment on Twitter<\/a><\/pre>\n