The number of Bitcoin addresses holding at least 100 BTC has seen a significant increase in the past three months, reaching nearly 16,000. These addresses collectively own 11.5 million BTC, with approximately 28,000 BTC being added in the last 12 weeks.
Bitcoin sharks and long-term holders have shown a growing interest in the leading digital asset throughout the first half of this year, especially as its price climbed above $30,000. The sector also received a boost of optimism with the filing of multiple spot BTC ETF applications by finance giants such as BlackRock, Invesco, and VanEck in the United States.
According to Santiment, a cryptocurrency market intelligence platform, the number of bitcoin addresses holding at least 100 BTC has surged to 15,870. These whales have purchased a total of 27,755 BTC in the past three months and currently hold 11.5 million BTC, which is worth approximately $334 billion. This represents nearly 60% of the total circulating supply of Bitcoin.
The recent accumulation spree by these large BTC addresses started in mid-May when Bitcoin was trading around $27,000. The trend intensified in June and July, coinciding with positive developments in the cryptocurrency industry. These include the multiple spot BTC ETF filings and Ripple’s legal victory against the US Securities and Exchange Commission (SEC).
Interestingly, the data shows that these whales held even more BTC in February and early March when the price of Bitcoin was below $25,000. This period coincided with a severe crisis in America’s banking sector. It seems that the confidence of large Bitcoin investors was boosted by BlackRock’s ambition to introduce a spot BTC ETF in the United States, leading to their increased accumulation of the asset.
Not only the whales, but long-term holders who have been part of the ecosystem for at least the past 155 days have also been purchasing significant quantities of Bitcoin during the first half of 2023. The supply they own has recently reached an all-time high of 14.52 million BTC.
The growing interest and accumulation of Bitcoin by large BTC addresses raise the question: why do these addresses keep buying Bitcoin in the past three months? The answer lies in the optimism generated by the potential introduction of a spot BTC ETF by BlackRock, as well as the overall positive sentiment in the cryptocurrency market. These factors have contributed to the confidence and investment decisions of both whales and long-term holders.
In conclusion, the surge in Bitcoin addresses holding at least 100 BTC and their continued accumulation of the asset in the past three months reflect the growing confidence and interest in Bitcoin among large investors. The potential introduction of a spot BTC ETF by BlackRock and positive developments in the cryptocurrency industry have played a significant role in driving this trend.
