There’s a surge in the number of Bitcoin whale addresses, with almost 10 new ones added in the past fortnight. The Exchange Whale Ratio remains on the lower side, implying reduced outflows from these Bitcoin heavyweights. Despite a lackluster price performance, large-scale investors have been bulking up their Bitcoin portfolios over recent weeks.
Tracking the Bitcoin Whales
Well-known on-chain detective, Ali Martinez, used social platform X to spotlight the increase in whale ownership on the Bitcoin network. According to data from Glassnode, close to 10 new addresses, each holding a minimum of 1,000 Bitcoin (valued at least $29.4 million), have joined the network in the last two weeks.
Most entities monitoring on-chain activity classify whales as wallets storing a minimum of 1000 coins. The movements of these whales have become a focal point for analysts and traders, offering vital insights into market sentiment. Since these investors hold a substantial portion of Bitcoin’s circulating supply, their transaction activity significantly influences price shifts. A rise in whale ownership usually signals a long-term bullish trend.
Whales on an Accumulation Spree
With Bitcoin’s price showing little movement in recent weeks, whale investors have tactically shifted to accumulation mode. Data from Santiment shows that whale transactions peaked at a 3-week high earlier this week. From the price action, it seems the whales seized the opportunity to buy the dip after short-term holders sold off their holdings following the previous day’s gains.
The Exchange Whale Ratio, which measures the relative size of the top 10 inflow transactions to total inflows on an exchange, further corroborated that whales were amassing for the long haul. The metric, as of publication, indicated a reading of 0.39, pointing to significantly low outflows from whale wallets.
Long-Term Holders Control the Majority Supply
Long-term investors have embraced Bitcoin’s narrative as a safe haven asset and a hedge against inflation. As a result, the sentiment has veered towards HODLing over trading. Recent data by Will Clemente suggests that long-term holders control over three-quarters of Bitcoin’s total circulating supply.
In light of these developments, it’s an excellent time to review your cryptocurrency portfolio. Tools like cryptoview.io can offer valuable insights into your investments. This platform provides an overview of your assets and helps you understand how the market trends, such as whale ownership, impact your holdings.
