Recent on-chain data indicates a surge in Bitcoin investments from high-profile investors, with significant growth observed in large wallets over the past six weeks.
Increase in Bitcoin Shark & Whale Wallets by Nearly 10%
Data from the on-chain analytics firm Santiment reveals that the number of Bitcoin addresses holding at least 100 BTC has experienced a substantial increase since the beginning of the current market uptrend.
The key metric here is “Supply Distribution,” which reflects the distribution of Bitcoin across different wallet ranges. For this discussion, we focus on wallets holding 100 BTC or more, extending indefinitely upward.
This lower limit translates to around $10.4 million based on the latest exchange rates, indicating that only wealthier investors fall within this category.
This group includes two significant categories of Bitcoin investors: sharks and whales. The larger the amount of Bitcoin they hold, the greater their market influence, making them crucial players in the ecosystem.
Monitoring the activities of these investors and their Supply Distribution trends can provide valuable insight into market sentiment, even if their actions do not always directly affect Bitcoin’s price.
Here is the chart illustrating Bitcoin’s Supply Distribution for wallets with over 100 BTC:
The chart clearly shows an upward trend in the Bitcoin Supply Distribution for wallets containing 100 or more BTC, coinciding with the ongoing price increase of the asset.
On October 10th, this metric was recorded at 16,062 but has since risen to 17,644, indicating that 1,582 new whale and shark wallets have emerged within just nine weeks.
Notably, a significant portion of this 9.9% increase in the metric occurred this month, suggesting that many investors have entered the market during this rally at higher price points.
The sustained growth in this metric while Bitcoin’s price continues to rise indicates a positive outlook, showing that these large investors believe the cryptocurrency remains a worthwhile investment, even at elevated prices.
This development of Fear Of Missing Out (FOMO) among significant investors aligns with the momentum of the Bitcoin rally, which has recently pushed the asset’s price above $106,000.
Current BTC Price
As of now, Bitcoin is trading at approximately $103,900, marking an increase of nearly 5% over the past week.