On-chain data shows that Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push toward recovery.
Bitcoin Whales Have Continued To Add To Their Holdings Recently
According to data from the on-chain analytics firm Santiment, the whales have bought around $3.5 billion in the digital asset since the first week of April. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now.
The wallet groups here refer to cohorts of addresses divided based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the 1,000-10,000 coins group is the one of interest.
Naturally, this cohort would include all addresses or investors who are holding at least 1,000 BTC and at most 10,000 BTC. As the only holders that own such large wallets would be the whales, this group can provide insight
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