Whales have been sighted appear to be accumulating in anticipation of higher prices, with “millionaire” wallets increasing their holdings by 90,000 BTC in just 25 days.
Bitcoin whales are hoarding. In the past 25 days, “million dollar” addresses have accumulated about 90,000 Bitcoins, worth 367 billion U.S. dollars.
Santiment, a cryptocurrency market data aggregator, identified this accumulation, santiment describes it as a “millionaire” address. Wallets ranging from 100 to 10,000 BTC are now the largest portion of Bitcoin holders, and they currently account for the Bitcoin supply of 48.7%.
This recent boom has brought the Bitcoin holdings of millionaire addresses to the highest level in seven weeks. The number of Bitcoins in these addresses exceeds 9.11 million, only a few percentage points lower than the peak in mid-April.
The miners seem to be hoarding Bitcoin, on-chain analytics provider Glassnode, determines that Bitcoin removed from miner addresses every week has drained the supply to a five-month low value of approximately $1.7 million on June 16.
At the other end of the whale scale, Glassnode pointed out that since December 2017, the share of supply represented by addresses with less than one Bitcoin has doubled, accounting for about 5% of the Bitcoin market cap. value.
Whales and miners appear to be hodling their tokens in anticipation of a price increase. A transaction monitoring Whale Alert has confirmed two transfers of approximately 5,000 BTC or 200 million U.S. dollars since June 14th, which indicates that at least some large investors are seeking to exchange their bitcoins.
