Whales Are actively Accumulating BTC And Exchange Deposit Is Declining, Almost 16k Addresses Are Holding 100 To 10k BTC
The amount of Bitcoin’s addresses holding between a hundred to 10k has now hit a 2-month high.
The update was gotten as revealed by an On-Chain analysis, and social metrics entity, Santiment, that the addresses containing a Bitcoin amount ranging from 100 to 10,000 have hit the 2-month high since the 11th of June.
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The implication of this is there is a sharp increase in two months. At current market values, the addresses are holding between $2.3 million and $233 million.
As stated on the Santiment’s official Twitter handle; “Bitcoin addresses holding between 100 to 10,000 BTC ($2.3m to $233m) has reached its largest quantity since June 11th. We look to this tier of large addresses as confidence from large active holders, and this increase is encouraging.”
It also reveals that 15,824 addresses are holding 100 to 10,000 BTC highest since June 11th.
Following the bullish period of the largest cryptocurrency after the recent bearish, data from Glassnodes reveals investors happen to have reduced their exchange rate. This implies that many whales have ceased moving their stash around. Glassnode reports that the 7-day MA (moving average) for Bitcoin exchange deposits has hit a 2-year low of 2,009.256. This breaks the previous 2-year record of 2,010.179 posted on July 15, 2022.
The reason for an increased number of wallets holding a significant amount of bitcoin and the reduction in the exchange deposit rate may be because whales are actively accumulating ahead of the upcoming bullish.
At the moment, the largest cryptocurrency is going for around $23.4k.
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