On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

Keshav Verma

2 years ago

3 mins read

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On-chain data shows the number of Bitcoin holders with 10k+ BTC have grown recently, a sign of accumulation from whales.

Number Of Bitcoin Whales Holding 10k Or More BTC Has Gone Up Recently

As pointed out by an analyst in a CryptoQuant post, both the 1k+ and 10k+ BTC holders have observed some growth in recent weeks.

Holders with 1k or more BTC are considered whales, and movement from them can have noticeable impacts on the Bitcoin market.

The relevant indicator here looks at all wallets on the network to see how many own between 1k and 10k BTC and how many are holding more than 10k BTC.

Now, here is a chart that shows how the holder count of these two Bitcoin whale groups have changed during the last couple of years:

Looks like the 10k BTC holders have observed some very sharp growth recently | Source: CryptoQuant

As you can see in the above graph, while the value of Bitcoin has been on a downtrend since November of last year, the number of Bitcoin whales with more than 10k BTC has only gone up.

The 1k+ BTC holders, on the other hand, were mostly on a sideways trend until May came, where the 10k BTC whales slumped down a bit and the 1k+ holders spiked up. This could possibly be because of the former group selling off some of their supply and dropping into the 1k to 10k range.

Related Reading | Ethereum Bullish Signal: 800k ETH Exits From Gemini

Not long after this increase, however, the 1k+ BTC whales dropped off and the 10k ones observed a rapid growth. There could be two things contributing to this trend.

First, some of the 1k+ BTC holders sold part of their supply such that their wallets went below the 1k mark. And second, many of the remaining holders rather bought more and entered into the 10k+ category. Both of these would mark as a drop in the 1k+ whale count.

However, very recently the 1k+ BTC whales have again observed some growth while the 10k holders have still been sharply trending up. This implies that the total number of whales as a whole has gone up in the market recently.

Such accumulation from Bitcoin whales can lead to a positive outcome for the price of the crypto.

BTC Price

At the time of writing, Bitcoin’s price floats around $22.2k, down 1% in the last seven days. Over the past month, the crypto has gained 10% in value.

The value of the crypto has gone down a bit over the last couple of days | Source: BTCUSD on TradingView

Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Keshav Verma

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

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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