Bitcoin accumulation is on the rise again after BTC whales dumped nearly 60,000 coins in the last two weeks. In terms of price, the world’s largest cryptocurrency is still trading near $33,000, down approximately 5% in the last 7 days.
Santiment, a crypto analytics and on-chain analysis firm, mentioned that the Bitcoin whales are now holding 48.3% of the total BTC supply. According to the company, BTC addresses with 100 to 10,000 Bitcoin are now holding 9.06 million coins.
“Bitcoin whale addresses holding between 100 to 10k BTC are finally showing a turning point in accumulating again. In the past 2 weeks, these large addresses shed 60,000 BTC. They hold 48.37% of the supply after holding 49.09% near the all-time high.”
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In addition to the latest accumulation by whale BTC accounts, the Bitcoin exchange supply ratio has also changed dramatically during the last few weeks. Yesterday, Finance Magnates reported about the large movements by BTC whales from leading digital exchanges to crypto wallets. BTC’s exchange supply ratio has reached its lowest level in nearly six months.
Bitcoin Whale Accounts
Due to the limited supply of the world’s largest cryptocurrency, large Bitcoin addresses hold significant importance in the overall network activity of BTC. Some of the BTC addresses are owned by institutional investors. According to a recent report published by Nikolaos Panigirtzoglou, JPMorgan’s global market strategist, institutional interest in Bitcoin has dried up. “Institutional interest in Bitcoin and other cryptocurrencies has dried up and even turned negative in May 2021. It’s probably close to flat at the moment. The most important thing to notice is that institutional interest started slowing down in April 2021, before the May correction,” Panigirtzoglou said during a discussion on CNBC about the future of BTC and other cryptocurrencies.
Bitcoin currently has a market cap of more than $600 billion. The crypto market dominance of BTC has dropped nearly 2% this week after a jump in the price of Ethereum.