Bitcoin Mega Whales Accumulate More Coins
Recently, the Bitcoin price has been struggling to break out of its consolidation phase, showing no significant bullish momentum.
During this period of stagnation, the largest holders in the Bitcoin space had been inactive, neither buying nor selling significant amounts. However, new data from market intelligence platform IntoTheBlock indicates a change in this trend.
Net Inflows by Large Holders
- The term “Large Holders” refers to individuals owning at least 0.1% of the total circulating Bitcoin supply in their wallets.
- With nearly 19.7 million BTC in circulation, 0.1% translates to 19,700 BTC, valued at over $1.26 billion.
- These Large Holders, or “mega whales,” hold significantly more Bitcoin than traditional whale investors who typically own between 1,000 and 10,000 BTC.
- Given their substantial holdings, mega whales have a considerable impact on the Bitcoin market and can influence price movements.
Tracking Large Holders’ Activity
IntoTheBlock employs the netflow on-chain indicator to monitor the movement of Bitcoin among Large Holders. This metric measures the net amount of BTC entering or leaving the wallets of these significant investors.
The latest data indicates a notable increase in net inflows by these mega whales, suggesting a renewed accumulation phase. This surge in buying activity could potentially signify bullish sentiment in the market.
Although the recent spike in buying is substantial, it is not as significant as previous large purchases made by mega whales, suggesting a cautious approach to accumulation.
Current BTC Price
As of the latest update, Bitcoin is trading around $64,500, witnessing a slight decline of over 5% in the past seven days.
It’s worth noting that while there has been an uptick in buying activity by mega whales, the overall market sentiment remains uncertain as Bitcoin continues to trade within a range.
Investors are closely monitoring the behavior of Large Holders to gauge the potential impact on Bitcoin’s price trajectory in the coming days.
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