The number of Bitcoin owners with more than 10k+ BTC has increased in recent months according to on-chain data, which is a result of whale accumulation.
Recent Increase in the Number of Bitcoin Whales Holding More Than 10K BTC
An analyst pointed out in a CryptoQuant posting that both 1k+ BTC and 10k+ holders of BTC have seen some growth over the past weeks.
Holdings of 1k+ BTC can be considered whales. Movement from these holders could have significant impacts on the Bitcoin Market.
This indicator looks at every wallet on the network and shows how many have 1k-10k BTC, and how many hold more than 10k BTC.
This chart shows the evolution of the holders count for these two Bitcoin Whale groups over the years.
Source: CryptoQuant| Source: CryptoQuant
You can see that the Bitcoin value is on the decline since November, but the amount of bitcoin whales who have more than 10k BTC per person has only increased.
The 1k+ BTC holders were on a steady trend, with the exception of May, when the 10k BTC whales dropped a little and the 1k+ holders soared. It could be that the former group sold some of its supply, and fell into the 1k-10k range.
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The 1k+ BTC whales declined shortly after, while the 10k+ ones saw a dramatic growth. This trend could have two possible causes.
First, some 1k+ BTC holders sold off a part of their supply to bring their wallets below the 1k mark. Second, many remaining holders bought more BTC and entered the 10k+ group. These two actions would result in a decrease of the number 1k+ whales.
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The 1k+ BTC whales are showing some improvement, while the 10k holders continue to trend up. The overall number of whales has increased in recent months.
This accumulation by Bitcoin whales could lead to positive outcomes for the cryptocurrency’s price.
BTC Prices
At the time of writing, Bitcoin’s price floats around $22.2k, down 1% in the last seven days. In the past month, crypto gained 10%.
In the last few days the cryptocurrency's value has dropped a little. Source: BTCUSD on tradingView| Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com
