How much BTC did the "whales" buy in 2024?
TechFlow Selected TechFlow Selected
How much BTC did the "whales" buy in 2024?
The strong accumulation by "whales" is undoubtedly a positive signal for crypto assets.
Navigating Web3 tides with focused insightsSource: Bitcoinist
Translation: Blockchain Knight
Below is the total increase in BTC holdings by whales since the beginning of 2024, based on on-chain data.
On-chain analytics firm Santiment published a post on X discussing changes this year in BTC holdings among "sharks" and "whales."
One particularly interesting metric is "supply distribution," which shows the total amount of BTC currently held across different wallet groups on the network. Addresses are categorized into different wallet groups based on the amount of BTC in their current balances.
In the current context, two groups are especially relevant: "sharks" and "whales." Sharks typically refer to investors holding between 100 and 1,000 BTC, while whales are those holding between 1,000 and 10,000 BTC.
Since both groups hold significant amounts of BTC, they carry considerable influence in the market. Of course, whales are the more powerful of the two due to their larger holdings.
Generally, individual actions from members of these groups do not have a significant visible impact on the market. However, when these investors act collectively, the scale becomes large enough to send shockwaves through crypto assets.
The chart below shows the supply distribution trends for these two investor types over the past year:
As shown above, since the beginning of this year, the BTC supply held by whales has been rising sharply. Meanwhile, during the same period, the BTC supply held by sharks has noticeably decreased.
Wallets in the 1,000–10,000 BTC range have collectively added 248,900 BTC, while wallets in the 100–1,000 BTC range have sold 151,200 BTC.
At current asset prices, these transactions are worth approximately $13 billion and $8 billion, respectively.
Clearly, although sharks have engaged in some selling, the more influential buying by whales has offset these outflows. In net terms, these large holders have accumulated $5 billion worth of value for the market.
In fact, some of the noticeable selling by the shark group may simply be because certain members bought enough BTC to cross the 1,000 BTC threshold and graduate into the whale group.
Regardless, the strong accumulation by whales is naturally a positive signal for crypto assets, as it indicates that these large holders are supporting the recent bullish momentum in crypto.
On the chart, Santiment also included data for another metric: the number of transactions by whales. This metric recently hit its highest level in five days since June 2022, indicating how these large investors are increasing their activity.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@bitcoinist
