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Whales have accumulated 130,000 bitcoin in recent weeks
Whales have accumulated 130,000 bitcoin in recent weeks
Bitcoin

Whales have accumulated 130,000 bitcoin in recent weeks

By Marco Cavicchioli - 29 Jul 2021

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According to Santiment, whales have accumulated 130,000 bitcoin in the last five weeks, worth over $5 billion. 

https://twitter.com/santimentfeed/status/1419884499358273543

This is an on-chain analysis of those addresses that hold between 100 and 10,000 BTC. 

There are only a total of 85 bitcoin addresses in the world that hold more than 10,000 BTC, and it is likely that almost all of them belong to exchanges or financial businesses. In other words, these are addresses where BTC are stored that belong not to the people who control these addresses, but to their customers. 

Instead, there are almost 16,000 addresses holding between 100 and 10,000 BTC, probably mostly belonging to real individual “whales”, i.e. real big bitcoin holders. 

After the May crash, Santiment points out that these addresses have accumulated a total of 130,000 BTC in the last 5 weeks, with 40,000 accumulated in the last 10 days alone. 

This figure refers to the increase in the sum of all the BTC held in total at all those addresses. 

The fact that an accumulation phase has been underway since May is considered by many to be true evidence by now, but this data reveals that in the last few days the accumulation process has probably even accelerated. 

It is possible that those who are accumulating these huge amounts of BTC are doing so because they expect the price to rise significantly in the future. 

After an initial accumulation phase, which started at the end of May and ended in mid-June, there was a short unloading phase, which lasted until the end of June. In early July, however, there was a small surge in accumulation, which continued at a slower pace in the following days, just as the price of bitcoin was dropping towards $30,000. 

Interestingly, the total number of BTC held on addresses with smaller amounts fell at this stage, as if there had been a transfer of bitcoin from less rich to richer addresses in recent weeks. 

In short, a real movement of BTC from so-called “weak hands” to strong ones may be taking place. 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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