{"id":538703,"date":"2023-06-20T14:30:55","date_gmt":"2023-06-20T14:30:55","guid":{"rendered":"https:\/\/wncen.com\/?p=538703"},"modified":"2024-06-11T08:12:57","modified_gmt":"2024-06-11T08:12:57","slug":"bitcoin-whales-continue-accumulate-btc-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whales-continue-accumulate-btc-recovery\/","title":{"rendered":"Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push"},"content":{"rendered":"

On-chain data shows that Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push toward recovery.<\/p>\n

Bitcoin Whales Have Continued To Add To Their Holdings Recently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the whales have bought around $3.5 billion in the digital asset since the first week of April. The relevant indicator here is the “BTC Supply Distribution<\/a>,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now.<\/p>\n

The wallet groups here refer to cohorts of addresses divided based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the 1,000-10,000 coins group is the one of interest.<\/p>\n

Naturally, this cohort would include all addresses or investors who are holding at least 1,000 BTC and at most 10,000 BTC. As the only holders that own such large wallets would be the whales<\/a>, this group can provide insight into the behavior of these humongous investors.<\/p>\n

If n the Supply Distribution is applied for this specific cohort, it would track the combined amount of Bitcoin that all the whales falling inside this range are holding currently.<\/p>\n

Now, here is a chart that shows the trend in the BTC Supply Distribution for the whales over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going up in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the 1,000-10,000 coins group has registered an increase in its supply recently. More specifically, since the first week of April (that is, just before the rally had hit what has so far been the top), the whales have added around 131,600 BTC (worth about $3.5 billion at the current exchange rate) to their wallets.<\/p>\n
Related Reading: Stablecoins Supply Finally Shows Rise, Here\u2019s Why This Is Bullish For Bitcoin<\/a><\/div>\n
It would appear that these humongous Bitcoin investors were constantly adding to their addresses as the price was going down, perhaps hoping to catch the bottom.<\/p>\n
Recently, however, the group had slowed down as the decline was showing no signs of stopping, and fresh FUD like the SEC charges<\/a> against Binance and Coinbase had emerged in the market.<\/p>\n
But a few days back, when Bitcoin had plunged below $25,000, the supply of the whales had started showing a rapid rise, implying that this cohort was heavily bought at the low prices.<\/p>\n
Related Reading: Bitcoin Short-Term Holders Still Bullish, Will Rally Restart?<\/a><\/div>\n
Generally, while buying is a bullish sign for the price, it would appear to have held up for the asset this time as well, since the coin has shown some recovery efforts since this latest buying spree from these holders began, with the price even going above $27,000 for a brief period during the past day.<\/p>\n
So far, the whales haven’t shown any signs of stopping their latest accumulation streak, as their supply has now risen to a seven-month high of 4.65 million BTC.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,700, up 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been making a recovery push | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push toward recovery. Bitcoin Whales Have Continued To Add To Their Holdings Recently According to data from the on-chain analytics firm Santiment, the whales have bought around $3.5 billion in the digital asset since the first week of April. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now. The wallet groups here refer to cohorts of addresses divided based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the 1,000-10,000 coins group is the one of interest. Naturally, this cohort would include all addresses or investors who are holding at least 1,000 BTC and at most 10,000 BTC. As the only holders that own such large wallets would be the whales, this group can provide insight into the behavior of these humongous investors. If n the Supply Distribution is applied for this specific cohort, it would track the combined amount of Bitcoin that all the whales falling inside this range are holding currently. Now, here is a chart that shows the trend in the BTC Supply Distribution for the whales over the last few months: The value of the metric seems to have been going up in recent days | Source: Santiment on Twitter As displayed in the above graph, the 1,000-10,000 coins group has registered an increase in its supply recently. More specifically, since the first week of April (that is, just before the rally had hit what has so far been the top), the whales have added around 131,600 BTC (worth about $3.5 billion at the current exchange rate) to their wallets. Related Reading: Stablecoins Supply Finally Shows Rise, Here\u2019s Why This Is Bullish For Bitcoin It would appear that these humongous Bitcoin investors were constantly adding to their addresses as the price was going down, perhaps hoping to catch the bottom. Recently, however, the group had slowed down as the decline was showing no signs of stopping, and fresh FUD like the SEC charges against Binance and Coinbase had emerged in the market. But a few days back, when Bitcoin had plunged below $25,000, the supply of the whales had started showing a rapid rise, implying that this cohort was heavily bought at the low prices. Related Reading: Bitcoin Short-Term Holders Still Bullish, Will Rally Restart? Generally, while buying is a bullish sign for the price, it would appear to have held up for the asset this time as well, since the coin has shown some recovery efforts since this latest buying spree from these holders began, with the price even going above $27,000 for a brief period during the past day. So far, the whales haven’t shown any signs of stopping their latest accumulation streak, as their supply has now risen to a seven-month high of 4.65 million BTC. BTC Price At the time of writing, Bitcoin is trading around $26,700, up 2% in the last week. BTC has been making a recovery push | Source: BTCUSD on TradingView Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":538715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83982,16924,19064,1119,1144],"class_list":["post-538703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-accumulation","tag-bitcoin-recovery","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Whales Continue To Accumulate As BTC Makes Recovery Push<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push towards recovery.\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push","url":"http:\/\/wncen.com\/news\/bitcoin-whales-continue-accumulate-btc-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-whales-continue-accumulate-btc-recovery\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/swanson-chan-wG2rXmRgyVA-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/swanson-chan-wG2rXmRgyVA-unsplash-scaled.jpg?fit=2560%2C1921"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin accumulation","bitcoin recovery","bitcoin whales","btc","btcusd"],"dateCreated":"2023-06-20T14:30:55Z","datePublished":"2023-06-20T14:30:55Z","dateModified":"2024-06-11T08:12:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-continue-accumulate-btc-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-continue-accumulate-btc-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/swanson-chan-wG2rXmRgyVA-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/swanson-chan-wG2rXmRgyVA-unsplash-scaled.jpg?fit=2560%2C1921\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin accumulation\",\"bitcoin recovery\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-20T14:30:55Z\",\"datePublished\":\"2023-06-20T14:30:55Z\",\"dateModified\":\"2024-06-11T08:12:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/swanson-chan-wG2rXmRgyVA-unsplash-scaled.jpg?fit=2560%2C1921","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538703"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=538703"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538715"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=538703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=538703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=538703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}