Whales appear to be stockpiling in expectation of higher prices, with “millionaire” wallets adding 90,000 BTC to their holdings in just 25 days.
Over the last 25 days, “millionaire” addresses have accumulated roughly 90,000 Bitcoin worth $367 billion, indicating that Bitcoin whales are stocking up.
Santiment, a crypto market data aggregator, discovered that wallets holding between 100 and 10,000 BTC — dubbed “millionaire tier” addresses by Santiment — had become the largest sector of Bitcoin hodlers and are currently the largest segment of Bitcoin hodlers.
The current buying binge has pushed the number of Bitcoin held by millionaire addresses to a seven-week high, with the addresses representing more over 9.11 million BTC, down just a few percent from their mid-April high.
On-chain analytics service Glassnode said on June 16 that weekly Bitcoin outflows from miner addresses had dropped to a five-month low of around $1.7 million, indicating that miners are collecting BTC.
In contrast to whales, the share of supply represented by addresses holding less than one Bitcoin has risen since December 2017, accounting for around 5% of Bitcoin’s market worth, according to Glassnode.
While many whales and miners appear to be hoarding their coins in the hopes of better prices, transaction monitor Whale Alert has recorded two transactions of around 5,000 BTC each bound since June 14, indicating that at least some huge investors are eager to trade their Bitcoin.
