Since the start of 2024, large holders of Bitcoin (BTC) have amassed an additional 266,000 BTC, according to analysts at Santiment.
Santiment reports that this accumulation of BTC represents a value of $17.5 billion. The company highlights that whales holding balances ranging from 1,000 BTC to 10,000 BTC have acquired 1.24% of the total asset supply of 21 million during this period.
Additionally, Santiment suggests that institutional investors are playing a role in reducing industry volatility. These market players also supported the growth of the Bitcoin rate leading up to the halving, which experts believe will have a significant impact on the asset’s value post-halving.
There is a prevalent fear of missing out (FOMO) among many traders, as Santiment notes that many users anticipate the Bitcoin rate returning to the $70,000 mark in the near future.
CryptoQuant CEO Ki Young Ju observes that the investments made by new whales in Bitcoin are nearly double those of older major players.
Ju classifies whale addresses not associated with centralized exchanges (CEX) and miners, with a balance of over 1,000 BTC. The new category includes owners of coins less than 155 days old, while older coins exceed this period.
The activation of newer whales was facilitated by the launch of spot crypto exchange-traded funds (ETFs) in the American market and the April halving, which reduced BTC issuance. These were identified as key factors contributing to the influx of newer whales into the market.
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