Bitcoin whales have been accumulating up to 90,000 Bitcoin worth S367 billion in the last 25 days according to Santiment.
The Crypto data aggregator identified millionaire wallet addresses holding between 100 and 10,000 BTC.
The category of largest Bitcoin hodlers now account for 48.7% of Bitcoin’s supply.
The high rate of accumulation within the Millionaire addresses hit a seven-week high and each address held more than 9-11 million BTC.
As Glassnode records that over half of the market now owns too Bitcoin, this is due to the rise in the number of Bitcoin whales holding bitcoin in their wallet addresses.
This accumulation shows that the bear trend in April last year did not affect whale sentiments.
The Reserve Risk shows that as bitcoin rises and Hodlers would want to sell, shows how some will resist and it’ll result to increase in Bitcoin’s price.
The number of bitcoin whales surges to a new all-time high, with 94,000 BTC addresses holding at least $1 million in bitcoin.
The number of bitcoin whales increased mostly because of the price of Bitcoin which has been surging.
And also, whales have also been accumulating BTC, as research from data analytics platform Whalemap has spotted that addresses holding between 1,000 and 10,000 BTC – between S41 million and $500 million – have been growing.