24 October 2021
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Bitcoin

Bitcoin Whales Have Scooped Up Nearly $4,800,000,000 in BTC Since September Bottom: Santiment

Bitcoin’s (BTC) recent price surge continues to be a “whale’s market,” according to the crypto analytics firm Santiment.

Santiment notes on Twitter that whale addresses holding between 100-1,000 Bitcoin have accumulated 85,700 BTC, worth $4.78 billion, since the largest crypto asset’s late-September price bottom.

Whales of that size currently hold 21.3% of the total supply, an all-time record, according to the firm.

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Source: Santiment/Twitter

Bitcoin is trading at $57,579.46 at time of writing, up nearly 20% on the week and 33% in the past 14 days, according to CoinGecko.

Holders also appear to be dominating the current BTC bull market. On-chain analyst William Clemente tells his 306,900 Twitter followers that 85.1% of Bitcoin’s supply hasn’t moved in at least three months, another all-time high.

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Source: Will Clemente/Twitter

Crypto insights firm Glassnode says that an increase in Bitcoin HODLing (hold on for dear life) activity tends to be a precursor to rallies to fresh all-time highs.

“This group eventually reaches ‘peak HODL,’ where their relative supply flattens out as they wait for price to rise and bring their coins into profit. This can be visualized by the shift from light blue to dark blue in the supply chart below… Typically, when price rises towards the all-time-high, the bull run is in motion, and a supply squeeze begins.”

Source: Glassnode

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