February 23, 2024

18,000 Bitcoin Bought by Large Bitcoin-Holding Addresses in the Space of Two Weeks

Some Bitcoin whale accounts that hold between 100 and up to 10,000 units of the assets have further increased their asset holdings in the course of two weeks. As reported by Santiment about data available on-chain, the addresses involved, which include a conglomeration of international holders of crypto assets, have bought more than 18,000 Bitcoin since the 10th of April.

Taking Advantage of London’s Biggest Event

As far as value is concerned, the addition to such large crypto addresses has been approximately in the realm of about $750 million in Bitcoin into their wallets. Bitcoin addresses that are worth millions are now about 48% of the overall Bitcoin supply in circulation. In spite of the fact that there was a recent hike in price across the network of Bitcoin whales, the total holdings in possession of Bitcoin whales have dropped sharply in comparison to what it was in October of 2021.

Sentiment added in its statement that the addresses of Bitcoin whales that hold between 100 to 10,000 units of Bitcoin have all together gathered an additional 18,104 Bitcoin starting from the 10th of April when prices fell to $40,000. Nevertheless, the holdings in those wallets are still significantly down in comparison to what they had in October 2021. Meanwhile, the purchasing power of the USDT continues to look quite promising.

In the early days of April, the volume of Bitcoin in circulation got to 19 million Bitcoin. In the midst of the volatility in the market, the asset’s on-chain movement improved significantly. Of late, a Bitcoin wallet holding assets worth millions of US dollars made a transfer of 5,100 Bitcoin, which was valued at over $200 million, to another anonymous wallet.

Activities of Bitcoin Network

In spite of the jump in the transactions of whales, activities on the Bitcoin Network coming from both transactions and active addresses were on the quieter side in the course of the past two weeks, largely as a result of the drop in the assets price. Bitcoin equally had a couple of challenges in inflow while corporate holders withdrew up to $73 million in investments from various Bitcoin products.

Nevertheless, activities on the network that are related to Ethereum revealed some levels of contrast. Santiment mentioned in a Tweet recently that there was a pick-up in the activities of some Ethereum wallets.   

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