Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High

Bitcoin whales are not slowing down during their rally tour despite rising prices. Bitcoin has now reached $ 62K for the first time in five months and the market has rejoiced over this milestone. With more growth expected in the coming weeks, investors are assured that they are not missing out on what the digital asset can offer in terms of value.

BTC is now the actual online store of value, so investors FOMO-in the asset. This translated into a higher price for BTC. However, the majority of ownership is still distorted in favor of whales. These addresses, which hold 100 to 1,000 BTCs, increase the share of the total circulating supply they command, and data show that the number of whale addresses has grown by 100 to 1,000 BTC.

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Addresses Holding 100 To 1,000 BTC Jumps 1.9%

A recent Santiment report showed that the number of addresses holding between 100 and 1,000 BTC on their balances has grown in the past five weeks. Reportedly 254 new addresses have increased their holdings to join this category of whales, which now own about 21.3% of the total bitcoin circulating supply.

BTC price trading north of $61K | Source: BTCUSD on TradingView.com

The 254 new addresses represent a 1.9% increase in the number of these whale owners, signaling more accumulation sentiment among bitcoin investors in recent weeks. It is one of the fastest growing whale addresses in the history of the digital asset and as buying pressure continues to grow, it is expected that more addresses will add to their holdings to exceed 100 BTC.

“The number of #Bitcoin addresses holding between 100 and 1,000 $ BTC has grown a lot over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a remarkable increase of 1.9% in this short period. The number of #Bitcoin addresses holding between 100 and 1,000 $ BTC has grown a lot over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a remarkable increase of 1.9% in this short period. “- Report of Santiment

Majority Of Bitcoin Owners Profit

The profit margins seen by bitcoin investors contributed to the accumulation patterns witnessed in the asset. Glassnode reported that the majority of bitcoin holders benefited from the recent price. It is estimated that 99.02% of the total circulating supply of BTC benefits.

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With bitcoin only about $ 3,000 less than its previous high, the analyst firm reported that there is only 0.98 BTC left in circulation, spent at a higher price. These are the currencies spent by investors between the prices of $ 62K to $ 64K, and with the price of the digital asset targeting new historical highs, it may not last until 100% of BTC’s circulation will take place at a profit.

Featured image from Analytics Insight, chart from TradingView.com