On-chain data shows that big-money investors have been pouring into Bitcoin as large wallets have seen sharp growth in the past month and a half.
Bitcoin Shark & Whale Wallets Have Gone Up By Almost 10% Recently
According to data from the on-chain analytics firm Santimentthe Bitcoin addresses carrying at least 100 BTC have witnessed a notable jump since the start the start of this bull run.
The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of BTC wallets that belong to a given coin range. In the context of the current topic, the range of interest is the 100+ BTC one (with the upper limit being infinity).
The lower bound of the range converts to almost $10.4 million at the latest exchange rate, which is a significant amount. Thus, the only investors who would qualify for the range would be the big-money ones.
More specifically, the range covers two of the key BTC investor groups: sharks and whales. The influence of any entity in the market goes up the more coins that they hold, so the sharks and whales are considered to be particularly influential beings on the network.
As such, what these investors are doing, that is, their Supply Distribution trend, can be worth keeping an eye on. Even if their moves may not always translate to the asset’s price, they can still provide us with information about the sentiment among these giants.
Now, here is the chart for the Bitcoin Supply Distribution shared by the analytics firm that shows the data for the 100+ BTC range:
The value of the metric appears to have been heading up in recent days | Source: Santiment on X
From the graph, it’s visible that the Bitcoin Supply Distribution for the 100+ coins wallets has gone through an uptrend while the price of the asset itself has witnessed its bull run.
On the 10th of October, the metric stood at a value of 16,062, but it has since gone up to 17,644. This suggests that 1,582 new shark and whale-sized wallets have popped up on the network in just nine weeks.
Interestingly, a large chunk of this 9.9% jump in the indicator has only come this month, meaning that a lot of these investors have bought into the asset at the recent high prices.
The growth in the indicator only continuing to accelerate while BTC has been marching higher is naturally a positive sign, as it suggests the big-money traders think the cryptocurrency is worth buying even at these prices.
Given this Fear Of Missing Out (FOMO) that has developed among large investors, it’s no wonder that the Bitcoin rally has shown no signs of stopping just yet, as the asset’s price has set yet another record, this time above the $106,000 mark.
BTC Price
At the time of writing, Bitcoin is trading at around $103,900, up almost 5% over the last week.
Looks like the price of the coin has surged over the last 24 hours | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
