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Data Shows Bitcoin Holders Have Purchased Nearly $2 Billion in the Past 6 Weeks

Data Shows Bitcoin Holders Have Purchased Nearly $2 Billion in the Past 6 Weeks

Bitcoin Holders Increase Holdings by $2 Billion in Six Weeks

Data from on-chain analytics firm Santiment reveals that mid to large Bitcoin holders have bought nearly $2 billion worth of the cryptocurrency in the past six weeks. The BTC Supply Distribution indicator tracks the total amount of Bitcoin held by different groups of investors or addresses. In particular, the focus is on addresses holding between 1 and 10,000 BTC, which includes mid to large-sized investors.

Trend in Bitcoin Supply Distribution for Mid to Large-Sized Holders

The chart shows a recent upward trend in the combined holdings of mid to large-sized Bitcoin holders. This indicates increased buying activity. Over the past six weeks, these investors have purchased a total of 71,155 BTC, equivalent to approximately $1.97 billion. Their current holdings stand at around 15.2 million BTC, the highest since January 2022 and just 90,000 BTC away from their all-time high in November 2021.

Market Influence of Sharks, Whales, and Mid-Sized Holders

In this range of Bitcoin holdings, there are sharks (100-1,000 BTC) and whales (1,000-10,000 BTC). While both cohorts hold significant power due to their large balances, whales have greater influence. Mid-sized holders (1-100 BTC) may not be individually relevant but collectively contribute to market presence.

Confidence in Current Prices

The sharp growth observed in the BTC Supply Distribution indicator suggests that these holders believe the current prices are favorable for buying. Bitcoin’s price has remained relatively stable around $27,700 following a recent pullback.

Hot Take: Bitcoin Holders Increase Accumulation as Prices Remain Steady

Mid to large Bitcoin holders have been actively adding to their holdings, purchasing nearly $2 billion worth of the cryptocurrency in the past six weeks. This accumulation spree has brought their total holdings to the highest level since January 2022, with only a small gap remaining from their all-time high in November 2021. The upward trend in combined holdings indicates confidence in the current prices and suggests that these investors believe it is a good time to buy Bitcoin.

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Data Shows Bitcoin Holders Have Purchased Nearly $2 Billion in the Past 6 Weeks