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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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.