The analytics company Santiment has detailed how major Bitcoin investors are acting in ways that may indicate a positive trend for the cryptocurrency.
Bitcoin Sharks and Whales Have Increased Their Holdings in the Last Six Weeks
In a recent update on X, Santiment discussed current trends among significant Bitcoin investors. They highlighted an important metric called “Supply Distribution,” which provides insights into the total Bitcoin held by different wallet groups. Investors are categorized based on the number of coins they possess; for instance, those who own between 1 and 10 BTC fall into one category.
For the current analysis, the focus is on holders with between 10 and 10,000 BTC. Based on current rates, the minimum in this range is approximately $969,000, while the maximum can reach up to $969 million.
This extensive wallet category includes key market players, such as sharks and whales, known for their significant Bitcoin holdings.
Below is the chart displaying the Supply Distribution for this group, illustrating the trend over recent months:
The chart shows that investors holding between 10 and 10,000 BTC have increased their holdings recently, with a total of 81,338 BTC added to their balances over the past six weeks.
Additionally, Santiment provided data on smaller Bitcoin holders, who appear to be reducing their investments concurrently with the increased accumulation by larger investors.
“When large wallets accumulate while retail investors panic or sell out of boredom, it often indicates a promising long-term outlook for price movements before a potential breakout,” the analytics team observed.
Although the overall trend for major Bitcoin investors has been one of accumulation, there has been a recent dip, as indicated by the chart, suggesting some holders are realizing profits from a recent price upturn.
On the topic of accumulation, Bitcoin spot exchange-traded funds (ETFs) have experienced significant inflows in recent weeks, as highlighted in another X post.
“Since April 16th, $5.13 billion has flowed into various BTC ETFs, invigorating the market,” stated Santiment.
Bitcoin Price Update
Bitcoin has recently regained bullish momentum, with its price climbing back above the $97,000 mark within the last 24 hours.
