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On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

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On-chain data shows that the number of bitcoin holders with over 10,000 BTC has surged recently, a sign of hoarding from whales.

The number of Bitcoin whales holding 10,000 or more BTC has increased recently

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As a CryptoQuant analyst points out mailholders of both 1k+ and 10k+ BTC have seen some gains in recent weeks.

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Holders with 1,000 BTC or more are considered whales and a move away from them can have a noticeable impact on the bitcoin market.

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The corresponding indicator here looks at all the wallets on the network to see how many hold between 1 and 10k BTC and how many hold over 10k BTC.

And now here is a chart showing how the number of holders of these two groups of Bitcoin whales has changed over the past couple of years:

Bitcoin whales with 10k BTC

Looks like the 10k BTC holders have observed some very sharp growth recently | Source: CryptoQuant 

As you can see in the chart above, while the value of bitcoin has been on a downward trend since last November, the number of bitcoin whales with over 10,000 BTC has only increased.

1k+ BTC holders, on the other hand, were mostly sideways until May came around, when 10k BTC whales dropped slightly and 1k+ holders jumped. This may have been due to the former group selling off some of their inventory and dropping in the 1 to 10k range.

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However, shortly after this rise, the 1000+ BTC whales fell and the 10,000 whales saw a rapid rise. Two things can contribute to this trend.

Firstly, some of the holders of more than 1000 BTC sold some of their holdings, so that their wallets fell below the 1000 mark. And secondly, many of the remaining holders bought more and entered the 10k+ category. Both would mean a reduction in the number of whales by 1000+ whales.

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However, more recently, 1000+ BTC whales have seen some gains again, while 10000 BTC holders have continued to see sharp gains. This means that the total number of whales in the market as a whole has increased recently.

This accumulation of bitcoin whales can lead to a positive outcome for the price of the cryptocurrency.

Bitcoin Price

At the time of writing, the price of Bitcoin is hovering around $22.2k, down 1% over the past seven days. Over the past month, the cryptocurrency has added 10% in price.

bitcoin price chart

The value of the crypto has gone down a bit over the last couple of days | Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com



Credit : www.newsbtc.com

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