Bitcoin’s Key Investors Double Down, Buy Another 79,000 BTC
On-chain data shows the large Bitcoin investors have added to their holdings in the past week, a sign that could be bullish for BTC’s price.
Bitcoin Investors With 10 To 10,000 BTC Have Added To Their Holdings
In a new post on X, the on-chain analytics firm Santiment has talked about the latest trend in the Bitcoin supply held by the 10 to 10,000 BTC investors. The on-chain indicator of relevance here is the “Supply Distribution,” which tells us about the total number of tokens that a particular wallet group is carrying right now.
Addresses or investors are placed into these cohorts based on the size of their balance. For example, the 1 to 10 coins group includes all holders owning between 1 and 10 tokens of the cryptocurrency.
In the context of the current discussion, the groups lying inside the 10 to 10,000 BTC range are of interest. This wide range includes some of the key holders of the sector like the sharks and whales. These investors own significant holdings, so their behavior can often be worth keeping an eye on.
Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Supply Distribution of the 10 to 10,000 BTC holders over the last few months:
As is visible in the above graph, the Bitcoin supply held by the 10 to 10,000 BTC investors has registered a significant jump over the past week, implying this group has purchased a net number of coins.
More specifically, the members of the cohort have collectively added 79,244 BTC to their wallets in this period. At the current exchange rate, this amount converts to a whopping $8.3 billion.
From the chart, it’s visible that this accumulation from the key investors has arrived while BTC has been going down after forming a new all-time high (ATH). This could be a potential indication that these holders still believe in the rally and see this drawdown as just a dip opportunity.
That said, the 10 to 10,000 range is a bit wide, so while it does include the big-money investors, it also mixes up their behavior with some of the less-significant hands. Fortunately for Bitcoin, it would appear that the whales (1,000 to 10,000 BTC) agree with this trend of buying, as the chart shared by analyst Ali Martinez implies.
As displayed in the graph, the whales of the cryptocurrency have added around 30,000 tokens to their holdings during the past few days, meaning that it’s not just the mid-sized hands buying this dip.
BTC Price
At the time of writing, Bitcoin is floating around $105,200, down over 2% in the last seven days.
