In 2024, how much BTC have the 'whales' bought?

2024-02-20 13:35

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Original Title: "How Much Bitcoin Have Whales Bought In 2024?"

Source: Bitcoinist

Translated by: Blockchain Knight

Below is the total increase in BTC holdings by whales since 2024 based on on-chain data.

The on-chain analysis company Santiment has published an article on X, discussing the changes in the holdings of "sharks" and "whales" in BTC this year.

One interesting metric is "supply distribution", which shows the total amount of BTC held by different wallet groups on the network. Addresses are divided into different wallet groups based on the amount of BTC in their current balance.

Against the backdrop of the current topic, there are two groups that are particularly relevant: "Sharks" and "Whales". "Sharks" usually refer to investors holding 100 to 1000 BTC, while "Whales" refer to investors holding 1000 to 10000 BTC.

Due to the fact that both of these groups hold a large amount of BTC, they have a certain level of influence in the market. Of course, "whales" are more powerful in these two groups because they hold a larger amount.

Generally speaking, the individual actions of these group members will not have a significant impact on the market, but when these investors act as a group, their scale becomes large enough to create shockwaves in the crypto asset market.

The following chart shows the BTC supply distribution trends of these two types of investors over the past year:

As shown in the above figure, since the beginning of this year, the BTC supply held by "Whales" has been sharply increasing. Meanwhile, during the same period, the BTC supply of "Sharks" has significantly decreased.

1000-10000 BTC wallet group increased a total of 248900 BTC, while 100-1000 BTC wallet group sold 151200 BTC.

According to the current asset prices, the value of these two transactions is approximately 13 billion US dollars and 8 billion US dollars respectively.

Obviously, although "sharks" participated in some sell-offs, the more influential "whales" buying made up for this loss. In terms of net worth, these large holders have accumulated $5 billion worth of funds for the market.

In fact, some obvious sell-offs by the "Shark Group" may only be because some members of the group have bought enough BTC to cross the threshold of 1000 BTC and become a member of the "Whale Group".

Regardless, the strong accumulation of "whales" is naturally a positive signal for crypto assets, as it indicates that these large holders have provided support during the recent bullish trend in crypto assets.

In the chart, Santiment also included data on the trading volume of "whales". This indicator recently reached its highest value since June 2022 in the past 5 days, showing how these large investors are strengthening their activities.