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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Bullish Signal: Whales Go On $1.4B Buying Spree

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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On-chain data shows Bitcoin whales have accumulated $1.4 billion in the asset during the last two weeks, a sign that could be bullish for the coin.

Bitcoin Whales Added 70,000 BTC To Their Holdings In Two Weeks

As pointed out by an analyst on Twitter, BTC whales have been showing accumulation behavior recently. The relevant indicator here is the “Bitcoin Supply Distribution,” which is a metric from on-chain analytics firm Santiment that tells us which wallet groups in the market are holding what amount of the crypto right now.

Wallets are divided into these groups based on the total number of coins they are holding currently. For example, the 10-100 coins cohort includes all wallets that are carrying a balance of at least 10 and at most 100 BTC. The Supply Distribution metric for this specific group would then show the combined number of coins that are present in these wallets at the moment.

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This Metric Suggests Bitcoin Could Be In Danger Of Another Selloff

1 year ago

In the context of the topic at hand, the wallet group of interest is the 1,000-10,000 coins group. Here is a chart that shows the trend in the Supply Distribution for this Bitcoin cohort over the past month:

Bitcoin Whales

The value of the metric seems to have observed some rise in recent days | Source: Ali on Twitter

The 1,000-10,000 coins wallet group is an important cohort for BTC as it includes addresses belonging to the whales. Since the balances of these investors are huge (the lower and upper bounds of the range convert to $22.9 million and $229 million, respectively, at the current exchange rate), movements from this cohort may sometimes have visible effects on the price of the crypto.

As can be seen in the above graph, the amount of Bitcoin being held by the whales was going down during December, suggesting that these humongous holders were selling their coins then. At the start of this year, however, the metric bottomed out and since then this cohort has shown net accumulation behavior.

Interestingly, while this buying from the whales has taken place, the price of the crypto has observed a sharp rally. Around five days ago, this BTC rally saw its first significant pullback and from the chart, it’s visible that these investors participated in some selling around it.

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Bitcoin Bulls Keeps Pushing, Why BTC Price Increase Isn’t Over Yet

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In the last few days, however, the 1,000-10,000 BTC wallet group has again done some buying as their Supply Distribution curve has once more spiked up. Following this latest accumulation, BTC has again caught a sharp uptrend as the price of the coin has now surged to almost $23,000.

In all, these whales have added more than $1.4 billion worth of coins to their holdings in the last couple of weeks, taking their total holdings to 4.62 million BTC ($105.8 billion).

BTC Price

At the time of writing, Bitcoin is trading around $22,900, up 10% in the last week.

Bitcoin Price Chart

Looks like the value of the crypto has been moving sideways just below the $23,000 level recently | Source: BTCUSD on TradingView
Featured image from Todd Cravens on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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