Bitcoin accumulation is rising again after BTC whales dumped nearly 60,000 BTC 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 seven days. Crypto analytics and on-chain analysis firm Santiment mentioned that the Bitcoin whales are now holding 48.3% of the total BTC supply. According to the report, BTC addresses with 100 to 10,000 Bitcoin are now holding 9.06 million coins.
🐳 #Bitcoin's 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 #AllTimeHigh. https://t.co/KXl0Mgmtwl pic.twitter.com/CPcJrUPPZE
— Santiment (@santimentfeed) July 1, 2021
BTC whales hold 48.37% of the supply after holding 49.09% near the all-time high.
The crypto analytics and on-chain analysis firm Santiment further reported, “Bitcoin whale addresses holding between 100 to 10k BTC are finally showing a turning point in accumulating again. In the past two weeks, these large addresses shed 60,000 BTC. They hold 48.37% of the supply after holding 49.09% near the all-time high.” In addition to the latest accumulation by whale BTC accounts, the Bitcoin exchange supply ratio has also changed dramatically during the last few weeks.
Some of the large BTC addresses are owned by institutional investors.
Given the fact that large Bitcoin addresses hold significant importance in the overall network activity of BTC, some of the BTC addresses are owned by institutional investors. In a recent report published by Nikolaos Panigirtzoglou, JPMorgan’s global market strategist, he said that 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 in an interview with CNBC.