Whales appear to be accumulating in anticipation of higher prices, with “millionaire” wallets growing their holdings by 90k BTC in the last 25 days.
BTC whales are stocking up, with “millionaire” addresses accumulating around 90k BTCworth $367 B over the last 25 days.
The accumulation was identified by crypto market data aggregator Santiment, which identified that wallets holding range 100 and 10k BTC — described by Sentiment as “millionaire tier” addresses — are now the biggest part of Bitcoin hodlers and currently account for 48.7% of Bitcoin's supply.
The current buying spree places the millionaire addresses at a 7 week high for the number of Bitcoin held, with the addresses representing more than 9.11 M BTC — down just a couple of percent from their mid-April high.
Miners also appear to be accumulating BTC, with on-chain analytics provider, Glassnode, identifying that weekly Bitcoin outflows from miner addresses have slumped to a five-month low of roughly $1.7 M on June 16.
Looking at the opposite end of the scale from whales, Glassnode noted the share of supply represented by addresses holding less than one Bitcoin has doubled since December 2017 to comprise roughly 5% of Bitcoin’s market cap.
While many whales and miners appear to be hodling their coins in expectation of higher prices, transaction monitor Whale Alert has identified two transfers of roughly 5,000 BTC or $200 million each destined for Coinbase since June 14, suggesting at least some large investors are looking to trade their Bitcoin.