Crypto Whales and Sharks Devour $7.86 Billion in Bitcoin as Impatient Traders Sell Off Holdings

A well-known analytics company has reported that wealthy Bitcoin investors are acquiring substantial amounts of BTC while retail traders are losing out. Santiment, in a recent update on the social media platform X, highlighted a significant rise in the number of crypto wallets holding a minimum of 100 BTC over the past month.

The analytics firm stated, “As crypto prices have disappointed retail traders, Bitcoin whales are on the rise. A net increase of +283 wallets holding at least 100 BTC has been observed in just one month. The current count of 16,120 such wallets marks a 17-month high.”

Additionally, Santiment revealed that Bitcoin sharks, referring to entities holding at least 10 BTC, are also accumulating the digital asset. The company further noted that Bitcoin whales and sharks collectively added over $7.863 billion worth of BTC to their portfolios within a month.

“During the last month, wallets with 10-10,000 BTC have amassed an additional 133,300 coins, while smaller traders are seen reducing their holdings,” Santiment reported.

Based on data provided by Santiment, on-chain analyst Ali Martinez informed his followers on the X platform that the supply of Bitcoin on crypto exchanges experienced a significant decline after BTC dropped below $60,000 last week.

Martinez highlighted, “It appears that significant players took advantage of the Bitcoin price drop! On-chain data from Santiment indicates a 40,000 BTC decrease in exchange supply over 48 hours, equivalent to around $2.40 billion. This coincides with a noticeable surge in exchange outflows.”

As of the latest update, Bitcoin is trading at $59,000, showing a slight decrease for the day. The shift in ownership patterns among Bitcoin holders, with larger entities accumulating more while smaller traders decrease their positions, reflects an evolving landscape within the crypto market.

The dynamics of Bitcoin ownership and trading activity continue to evolve, with institutional investors and larger entities playing an increasingly dominant role in shaping market trends. This trend underscores the importance of monitoring on-chain data and analytics to gain insights into the behavior of different investor groups within the crypto space.