Bitrabo Editorial
The Bitcoin whales, holding more than 1,000 BTC, now own over 40% of the total Bitcoin supply and have been consistently accumulating more.
Bitcoin Whales Accumulating Since Mid-March
Market data from IntoTheBlock shows that Bitcoin whales have been boosting their holdings since mid-March. These large entities are significant players in the network and their activities can impact the cryptocurrency’s price.
The collective balance of these whales has been steadily growing, as seen in the chart shared by IntoTheBlock. This increase began during the consolidation phase after Bitcoin’s all-time high.
Despite market concerns, these whales saw an opportunity to increase their holdings. Their recent buying activity has pushed their combined holdings to over 40% of Bitcoin’s total supply.
There is a possibility that they may soon control more than half of the Bitcoin supply, which could have implications for the market dynamics.
Recent data shared by Maartunn indicates that the total Open Interest in the cryptocurrency sector is approaching its all-time high, which could lead to increased market volatility.
Bitcoin Price
Bitcoin is currently trading at approximately $71,400, showing a 6% increase over the last week.