Bitcoin’s Big Players: Whale and Shark Wallets Holding 10+ BTC Reach Two-Month Peak – What Comes Next?

Following the recent sell-off earlier in the week, Bitcoin has bounced back above $58,000, displaying strength. On-chain data indicates a notable increase in the number of Bitcoin wallets holding 10+ BTC in recent weeks.

There has been a surge in Bitcoin whale and shark wallets, with larger wallets acquiring supply from smaller traders who have been selling off their holdings during the recent dip. In July, the total number of wallets holding more than 10 BTC has increased by 261, potentially bolstering confidence among traders to establish long-term positions in Bitcoin.

Additionally, CryptoQuant CEO Ki Young Ju revealed that custodial wallets with no outflows have accumulated 85,000 Bitcoins over the past 30 days. This accumulation excludes ETFs, exchanges, and miners, with 16,000 BTC exiting ETF holdings during the same period.

Read Also: Terra Classic Gets a Boost: Tax2Gas Module Implementation and More


Furthermore, there has been a resurgence in Bitcoin ETF inflows, with BlackRock’s IBIT leading the way amidst the recent price recovery of BTC.

Notably, Bitcoin’s network fees have frequently been lower than those of Ethereum since 2021, contrary to common belief. Presently, the median transaction fee for Bitcoin is $0.40, while Ethereum’s stands at $0.68. This highlights Bitcoin’s suitability for peer-to-peer payments.

Read Also: Potential Bitcoin Rally on the Horizon as 35,486 BTC Flees BitMEX

Follow us on Twitter, FacebookTelegram, and Google News

  • 1431 Posts
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.