• Bitcoin whales have been buying up 20,000 BTC over the last two days.
• This indicates that their month-long selloff may be over.
• The Bitcoin Supply Distribution of these large holders has recently started to rise, a sign which may be bullish for the cryptocurrency’s price.
Bitcoin Whales Accumulating Again
On-chain data shows that Bitcoin whales have been back in accumulation mode recently, a sign that may be bullish for the cryptocurrency’s price.
Recent Purchase of 20,000 BTC
According to data from the on-chain analytics firm Santiment, the whales’ month-long dump seems to be over. They have bought 20,000 BTC in the last two days.
Supply Distribution Metric
The relevant indicator here is the “BTC Supply Distribution,” which tells us about the amount and percentage of the total Bitcoin circulating supply that is currently being held by each wallet group in the sector. Wallets are divided into groups based on how many coins they are carrying in their balances right now; for example, wallets holding between 1 and 10 BTC are part of a specific group. If this metric is applied to this group it will sum up all wallets satisfying this condition and calculate what part of the total supply this makes up.
100-1,000 Coins Group
In particular, there is interest in the 100-1,000 coins group as these wallets likely belong to whales who own a significant portion of supply and can cause noticeable effects on price through their movements. The graph below shows an upward trend in this wallet group’s Supply Distribution metric lately:
This recent increase could mean that whales think more positively about Bitcoin’s future prospects and thus are accumulating more coins than before – a sign which could potentially be bullish for its price going forward.