By Alicia Maher
There has been an increase in the number of crypto whales holding the world’s number one crypto asset. Reports from Santiment also have it that the number is steadily increasing all of a sudden.
Increased Whale Activities
Santiment said that whale wallets holding between 10,000 to 100,000 Bitcoin have risen. The numbers hit the highest level they had been since February last year. The value of those addresses are now between $190,000 to $1,900,000,000.
On the other hand, wallets holding between 10 to 100 Bitcoin also reached the same record height. Their wallet values are between $190,000 to $1,900,000.
The Santiment report noted that an increase in the number of network addresses should bring increased utility. The blockchain analytics company also reported that wallets that hold between 0.1 and 10 Bitcoin now possess 15% of all Bitcoin market supply. It is an all-time high for that wallet category.
On the flip side, smaller wallets that hold between 100 to 10,000 Bitcoin have 45.6% of the total Bitcoin supply. It is the lowest they would hold since June 2019. Santiment equally observed that the market capitalization of stablecoins has dipped to the lowest since December.
In addition, Santiment stated its observation that Bitcoin has been going out of exchanges. The rate has been so high almost like never before.
General Market Chaos
It said Bitcoin witnessed a high rate of tokens going out of exchanges on Wednesday. It was the largest amount to move on a daily basis in the last four months. A total of 40,572 Bitcoin tokens were moved in a single day.
Coin supply on exchanges has consequently been cut down to 8.48%. While there is less coin supply on exchanges, it reduces the risk of a sell-off in the future.
Bitcoin trades at $19,292 as of the time of this report. It has been selling sideways since the middle of June. The market’s number one cryptocurrency by market capitalization is lower by 0.05% over the last 24 hours. But it has gone up by over 0.37% over the last week and it is down by 1.7% for the month.
Bitcoin is still over 72% lower than its all-time high of over $69,000. It struck that level in November 2021.
A number of factors are responsible for Bitcoin’s lowly state for several months back. The leading cause is, however, the US Federal Reserve’s campaign against inflation. This has seen stocks and associated markets groaning under the weight of increasing interest rates.
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