Why the Swelling Ranks of Bitcoin Whales is a Bullish Sign as Whale BTC Accumulation Reaches New Heights
There has been a historic rise in the number of large ‘shark’ and ‘whale’ Bitcoin wallets holding at least 10 BTC since February 2022, according to on-chain analytics firm Santiment.
Over the past 20 months, 11,806 more addresses now hold 10+ BTC – an 8.12% total increase.
Source: Santiment – Start using it today
In another report, Santiment also revealed that Bitcoin saw another huge whale accumulation day recently. 16 more wallets now hold between 100-1,000 BTC, correlating with smaller wallets ‘graduating’ into larger tiers of holdings.
As key long-term stakeholders continue acquiring more Bitcoin, the argument for a bullish future outlook gets stronger according to analysts. This ongoing accumulation from whales and other large holders represents a vote of confidence in Bitcoin from influential market participants.
The recent growth in these large holder addresses points to strengthened hands that are focused on the long-term investment thesis. With more whales joining the Bitcoin ecosystem and accumulating sizable positions, it signals enduring bullish conviction in Bitcoin’s future potential.
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