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On the data channel shows Bitcoin whales have accumulated $1.4 billion in assets over the past couple of weeks, a sign that could be bullish for the coin.
Bitcoin additional whales 70,000 BTC. To Their Holdings Two weeks and counting.
As pointed out by an analyst on Twitter, BTC whales have been showing accumulation behavior recently. The relevant indicator here is the “Bitcoin Supply Distribution,” which is a metric from on-chain analytics firm Santiment that tells us which wallet groups in the market are holding what amount of the crypto right now.
Portfolios are divided into these groups according to their current total coin holdings. For example, the 10-100 coin cohort includes all portfolios with a balance of 10 or more and a maximum of 100 btc. The supply distribution measure for that particular group would then indicate the combined number of coins that are currently in those portfolios.
In the context of the topic under consideration, the portfolio group of interest is the group of 1,000 to 10,000 coins. The following graph shows the supply distribution trend for this Bitcoin cohort over the past month:
The value of the metric seems to have observed some rise in recent days | Source: Ali on Twitter
The 1,000-10,000 coins wallet group is an important cohort for BTC as it includes addresses belonging to the whales. Since these investors' balances are enormous (lower and upper range limits convert to $22.9 million and $229 million, respectively, at current FX rate), the movements of this cohort can sometimes have noticeable effects on the price of cryptographers.
As the chart above demonstrates, the amount of bitcoin being held by whales was declining over the course of December, suggesting that these massive possessors were selling their coins at the time. At the start of this year, however, the metric bottomed out and since then this cohort has shown net accumulation behavior.
Interestingly, while this whale purchase has occurred, the price of cryptography has seen a clear rebound. Around five days, this BTC rally saw its first significant downturn and the chart shows that these investors took part in some sales around it.
In recent days, however, the 1,000-10,000 BTC Group portfolio has again made purchases that their supply delivery curve has once again boosted. Following this latest build-up, btc again took a strong upward trend as the coin price has now surged to almost $23,000.
In all, these whales have added over $1.4 billion worth of coins to their assets in recent weeks, for a total of 4.62 million BTC ($105.8 billion).
As of writing, Bitcoin is trading around $22,900, up 10% over the past week.
Looks like the value of the crypto has been moving sideways just below the $23,000 level recently | Source: BTCUSD on TradingView
