Image

Bitcoin Whales Accumulated 218,570 BTC in 4 Months

Key Notes

  • Bitcoin whale addresses collected 0.9% of the BTC supply in the past four months.
  • This has been a major catalyst for the BTC price surge to $120,000.
  • BTC and ETH withdrawals from CEXs gain momentum.

Whale addresses holding 10 to 10,000 Bitcoin

BTC
$118 694



24h volatility:
0.3%


Market cap:
$2.36 T



Vol. 24h:
$45.90 B



have shown strong interest in the digital gold over the past four months.

These wallets have purchased 218,570 BTC, accounting for 0.9% of the token supply, since late March, according to data from Santiment.


Santiment data shows that these Bitcoin whales are now controlling 68.44% of the total BTC supply. The market analytics platform points to the latest buying spree as “long-term accumulation.”

Bitcoin whale purchases have also been strongly impacting the broader crypto market sentiment. According to data from CoinMarketCap, the fear and greed index was hovering below the 20 mark in mid-March, before the start of the accumulation from these whale addresses.

However, the indicator started to see a shift in early April as these addresses started to see inflows.

The index is currently at 62, sitting in the greed zone, as Bitcoin trades close to $119,000.

Retail Investors Join the Race

Despite the most recent BTC correction to $116,000 on July 30, the sentiment around crypto assets seems strong.

According to data from Coinglass, leading centralized crypto exchanges recorded a net outflow of 20,258 BTC in the past 24 hours. Coinbase is leading the chart with a 12,105 BTC outflow.

Ethereum

ETH
$3 869



24h volatility:
1.2%


Market cap:
$467.08 B



Vol. 24h:
$33.51 B



also saw a massive 768,670 ETH outflow from CEXs in the same timeframe. Coinbase alone registered 479,000 ETH withdrawals, followed by Binance’s 140,000 ETH outflow.

These CEX outflows come while the US Federal Reserve has put a further pause on the interest rate cuts, currently at 4.5%.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Wahid Pessarlay

Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.

Wahid Pessarlay on X

SHARE THIS POST