Historic Surge in Large Bitcoin Wallets: 10 BTC Holders Reach New High

By Tsunami 10/15/23 8:53 AM

In the world of cryptocurrency, significant milestones are often accompanied by an air of excitement and speculation. The latest data from on-chain analytics firm Santiment has provided another reason for crypto enthusiasts to celebrate as it reveals a historic surge in the number of Bitcoin addresses holding at least 10 Bitcoins, commonly referred to as “shark and whale wallets.”

Since February 2022, these large Bitcoin wallets have been on a remarkable upward trajectory. According to Santiment, a total of 157,400 wallets now hold over 10 BTC, surpassing the previous record set in 2019. This represents an 8.12% increase in the number of such addresses over the past 20 months.

Santiment, in a recent tweet, highlighted this unprecedented growth, stating, “Since February 2022, there has been a historic rise in shark & whale wallets holding at least 10 $BTC. In the past 20 months, since this accumulation of new large wallets began, 11,806 more addresses have met this threshold, an 8.12% total increase.”

The data suggests that retail accumulation of Bitcoin has remained consistent despite the cryptocurrency’s notorious price volatility. While Bitcoin has experienced dramatic price fluctuations during the same period, the number of addresses holding substantial amounts of the digital asset has continued to climb steadily.

However, it’s important to note that the growth in the number of wallets with 10 or more Bitcoins doesn’t necessarily imply increasing market involvement or heightened interest in the cryptocurrency. These addresses could be the result of various factors, including remnants of large transactions, long-term holders, or even one-time user holdings.

The term “shark and whale wallets” refers to entities or individuals who hold substantial amounts of Bitcoin. Historically, these large holders have the potential to influence the market by making sizable transactions. Whether these addresses belong to institutional investors, early adopters, or savvy retail traders remains a topic of speculation in the crypto community.

The data from Santiment raises questions about the motives and behavior of these wallet holders. Are they accumulating Bitcoin in anticipation of future market movements, or are they simply storing their digital assets securely for the long term?

While the answer to these questions remains uncertain, the increasing number of wallets holding significant Bitcoin balances is a testament to the cryptocurrency’s enduring appeal. The sustained accumulation of Bitcoin in these wallets highlights a continued interest in the digital asset, despite the ever-evolving landscape of the cryptocurrency market.

In conclusion, the surge in the number of Bitcoin addresses holding at least 10 Bitcoins is a remarkable development in the cryptocurrency space. It demonstrates that, despite the challenges and fluctuations faced by Bitcoin, it continues to be an attractive asset for both retail and institutional investors. The crypto community will undoubtedly keep a close eye on these “shark and whale wallets” as their actions could potentially impact the broader market in the future.