Bitcoin whales have Bought 20,000 BTC in the last 2 days; maybe bullish for the price

Santiment reports that the whales’ month-long spill appears to be over. The “BTC Supply Distribution” is the pertinent metric here. It provides information on the quantity and share of the sector’s total Bitcoin circulating supply that each wallet group currently holds.

“Whale addresses holding 100-1k BTC are back in accumulation mode after the month-long dump. 20,007 BTC has been added in the past 2 days. Bitcoin has had an up-and-down Tuesday with a jump above $30.5k, and now a revisit back to the $30.0k support”, Santiment reported.


The quantity held by all wallets on the blockchain that meet this requirement will be added if the Supply Distribution metric is applied to this particular group, and the percentage of the total supply that this sum represents will be determined.

The group of 100–1,000 coins is now the segment of interest in the context of the current topic. The distribution of Bitcoin supply for this specific cohort is depicted in the graphic below. The whales would be the most likely owners of addresses falling into this cohort because the range of this wallet group encompasses extremely big quantities.

Because they hold a significant portion of the supply, whales play a significant role in the Bitcoin ecosystem. They control a large amount of the supply. Therefore, their moves can have a discernible impact on the price.

The whales’ BTC Supply Distribution began to decline around the middle of March, as shown in the following graph, suggesting that they were beginning to sell their coins.

The cryptocurrency price stopped rising during this selloff and reached a plateau of $28,000. But, as the asset’s price has recently increased, the dumping from these holders has ceased.

The Supply Distribution of the Bitcoin whales has even changed course over the last several days due to the investors’ recent addition of about 20,000 BTC ($585.3 million) to their collective wallets.

Following the whales’ most recent acquisition, their overall holdings have reached a value of around 3.88 million BTC ($113.4 billion), or about 20.07% of the total BTC currently in circulation. This value is still far lower than what the Bitcoin whales were holding before the March selloff, as the chart shows. Yet, there has been some improvement in their reserves.


BTC/USD 4-hour chart | Source: TradingView

Accumulation from these enormous holders may indicate that they are now bullish on cryptocurrencies, which might benefit the market over the long term. Bitcoin is worth roughly $29,336, down 2% from the previous week.

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