On-chain data from Santiment shows that Bitcoin whales have bought around $1.8 billion in BTC since the recent high above the $30,000 level.
Bitcoin Whales Have Accumulated 64,000 BTC In The Last Two Weeks
According to data from the on-chain analytics firm Santiment, the BTC whales ended the month of April by accumulating the asset. The indicator of interest here is the “BTC Supply Distribution,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now.
Addresses on the blockchain are divided into these wallet groups based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the relevant cohort is the 100-10,000 coins group, meaning that it includes all investors that are holding at least 100 and at most 10,000 tokens.
The significance of this range is that it corresponds to the wallets of the Bitcoin whales, a group that takes an important place in the BTC economy. As the amounts owned by these investors are huge (the range of their wallet group converts to about $2.8 million at the lower bound and $200.8 million at the upper bound), they hold the potential to cause noticeable effects on the market through their movements.
Now, here is a chart that shows the trend in the Bitcoin Supply Distribution for the 100-10,000 coins group over the past month, to see how the behavior of these humongous holders has been recently:The value of the metric seems to have climbed higher in recent days | Source: Santiment on Twitter
As displayed in the above graph, the Bitcoin supply held by the 100-10,000 coins group went down between the end of March and the first ten days of April as BTC first moved sideways and then surged towards the $30,000 mark.
This means that the BTC whales were likely selling during this period, possibly taking advantage of the profit-taking opportunity that the rally provided. After the metric saw a sharp plunge on April 11th as BTC broke $30,000, however, the supply held by the whales hit a low.
Since then, the indicator has seen an overall uptrend, suggesting that these humongous holders have been buying again. During the middle of April, however, there was a moment when the whales wavered in their conviction as BTC dropped below the $30,000 level.
These investors participated in some selling there (although not on the scale seen earlier in the month), but by the end of April, they had again started buying, resulting in a retrace of the decline seen during this selling.
In total, the Bitcoin whales have accumulated around 64,000 BTC ($1.8 billion at the current price) in the last few weeks. The fact that the whales have ended April on a strong note despite the market still being undecisive about its direction is a positive sign, as it shows these large investors still hold a bullish conviction.
At the time of writing, Bitcoin is trading around $28,500, up 4% in the last week.Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView
Featured image from Todd Cravens on Unsplash.com, charts from TradingView.com, Santiment.net