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Bitcoin whales have been increasingly active in the market recently, accumulating more Bitcoin as smaller investors sell their holdings amid market pressures. This trend has led to a significant increase in the number of Bitcoin wallets holding 100 BTC or more, reaching a 17-month high.
Bitcoin Whales Continue to Accumulate
According to data from blockchain analytics platform Santiment, the number of Bitcoin wallets holding at least 100 BTC increased by 283 in August alone, bringing the total number of such wallets to 16,120. This increase suggests a growing trend among larger investors to accumulate Bitcoin, especially as retail investors sell their holdings.
Santiment’s data also shows a rise in “shark” wallets, which are wallets holding at least 10 BTC. The platform estimates that wallets holding between 10 and 10,000 BTC have accumulated a total of over 133,000 coins in the past 30 days, worth over $7.6 billion.
Whales Buy During Market Drops
Blockstream CEO and Hashcash inventor Adam Back observed that whales have been on a buying spree since Bitcoin’s price dropped from $62,000 to around $58,000 on August 28, buying around 450 BTC per day. This amount is equal to the number of Bitcoins mined per day, indicating significant accumulation by large investors.
Back highlighted this activity, saying, “Whales Back have been buying 450 BTC every minute of every day since the drop on the 28th. It’s the same as the daily mined Bitcoin. Go ahead and sell them cheap corn.”
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Santiment attributes the increased activity among whales to smaller traders who are likely selling their holdings due to market pressures and fears of further price declines. Crypto analyst Axel Adler Jr. of CryptoQuant speculated that these smaller traders may be feeling compelled to sell as Bitcoin’s price has fallen below entry points.
Adler noted that if the current trend continues, the number of traders willing to sell at a loss could increase and potentially double. The Crypto Fear & Greed Index, which measures market sentiment, was in the “Fear” range at 26 as of September 2, reflecting a predominantly cautious mood among investors throughout August.
Potential Positive Signs for the Market
Despite the prevailing fear in the market, some analysts see the increased whale activity as a potential positive indicator for Bitcoin’s future. Vivek Sen, founder of Bitgrow Lab, suggests that significant whale buying often precedes new all-time highs for Bitcoin. “The last time whales bought a lot, Bitcoin hit a new ATH,” he said.
Whale accumulation could represent a vote of confidence in Bitcoin’s long-term potential, and could indicate that larger investors are positioning themselves for future gains even as smaller investors exit the market.
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