Bitcoin News: Recent Data Signals Rising Accumulation Among BTC Investors

Opeyemi Sule

Last Updated: June 11, 2024 12:39 pm

3 mins read

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Bitcoin (BTC) struggled to build on its recent momentum over the past week, reflecting the bearish climate of the general market. However, the latest on-chain revelation suggests that investors continue to show significant faith in the premier cryptocurrency and its prospects.

Bitcoin Addresses With 10+ BTC Reach All-Time High: Santiment

According to a recent report from the blockchain data tracker Santiment, there has been considerable growth within a particular class of Bitcoin investors. The on-chain analytics platform highlighted that the number of shark and whale addresses holding at least 10 BTC has notably increased since early 2022.

The report disclosed that an additional 11,806 addresses hold more than 10 BTC, reflecting an 8.12% increase in the past 20 months. Based on data from Santiment, there are currently 157,400 wallets holding at least 10 Bitcoin, surpassing its record high set in 2019.

🐳🦈 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. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n

— Santiment (@santimentfeed) October 13, 2023

Another recent Santiment report has strengthened the Bitcoin accumulation argument even more. The number of addresses holding between 100 and 1,000 BTC witnessed its largest spike in a single day since February 2022.

🐳 #Bitcoin‘s whale numbers had another huge accumulation day. 16 more wallets now hold between 100-1K $BTC, and they correlate with smaller wallets ‘graduating’ to the next tier. As key stakeholders grow, the argument for a #bullish future gets stronger. https://t.co/DOvRLpGspw pic.twitter.com/EQW8jZsTtn

— Santiment (@santimentfeed) October 14, 2023

The October 14 report revealed that 16 additional addresses now hold 100 to 1,000 BTC. Sentiment noted that this particular scenario goes in tandem with the accumulation trend of smaller wallets (addresses with at least 10 BTC).

Ultimately, these significant on-chain developments indicate a steady accumulation of Bitcoin despite price fluctuations and market instability. Meanwhile, Santiment pointed out that the case for a bullish trajectory becomes more apparent as key Bitcoin investors grow.

BTC Price – Overview

As of this writing, Bitcoin is valued at $26,901, with negligible price movement in the past day. However, a broader look at the BTC price chart shows that the cryptocurrency has struggled in the past week.

According to data from CoinGecko, Bitcoin experienced a 3.7% price decline in the last seven days. After failing to breach the $28,000 mark, the premier cryptocurrency saw its price crash towards $26,500 for the first time in October.

Although news of the United States Securities and Exchange Commission (SEC) opting not to appeal the Grayscale decision might have relieved investors, Bitcoin’s price has barely capitalized on the positive development.

Nevertheless, most investors seem optimistic about the future of Bitcoin, especially with the approval of a spot exchange-traded fund (ETF) looking more likely than ever.

BTC price at $26,897 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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