Bitcoin Whale Wallets Reach 17-Month Increased High Amid Holding

The number of Bitcoin wallets holding 100 BTC or more has reached a 17-month high, as reported by Cointelegraph, following a recent increase in hodling. In August, the 100 Bitcoin threshold was exceeded by more than 283 wallets, according to data from the Blockchain analytics platform Santiment.

Santiment observed that the number of Bitcoin billionaires is increasing as crypto prices have disappointed retail merchants. In a single month, a net gain of +283 wallets that contain at least 100 BTC has been observed. The total number of such purses has now reached 16,120, surpassing a 17-month high.

Wallets with a minimum of 10 Bitcoin, also known as “sharks,” have seen an increase in their holdings during the same period. Santiment predicts that these wallets, which have accumulated a total of over 133,000 currencies valued at over $7.6 billion in the past 30 days, have accumulated between 10 and 10,000 Bitcoins.

Adam Back, the CEO of Blockstream and the inventor of Hashcash, has noted that whales have been actively purchasing Bitcoin since its price plummeted from over $62,000 to approximately $58,000 on August 28. “Since the 28th, whales have resumed purchasing 450 btc per minute throughout the day.” The same as the number of Bitcoins mined each day. He advised, “Go ahead and sell them corn at a low price.”

Santiment attributes the rise in whale activity to the impatience of smaller traders who are abandoning their holdings. Axel Adler Jr, a crypto analyst and contributor to CryptoQuant, hypothesized that smaller traders may be experiencing pressure to sell as the price declines below their entry point. He observed, “The current bull market has not seen the metric fall below 17%; the current figure is -8%.” The number of individuals who are prepared to sell coins at a loss could double if it continues to decline.

The Crypto Fear and Greed Index, which gauges the sentiment of the crypto market, is presently at 26, suggesting that the market is in a state of “Fear.” During August, the index exhibited a higher number of days of dread than avarice, with an average rating of 37, firmly establishing it in the “Fear” category.

Vivek Sen, the proprietor of Bitgrow Lab, contends that the market may benefit from the increased whale activity, despite the prevailing sentiment. He observed that in the past, substantial whale buying has frequently been the precursor to new all-time highs for Bitcoin. “The last time whales bought a lot, Bitcoin hit a new ATH,” Sen asserted.