Large Bitcoin addresses holding between 10,000 and 100,000 coins have accumulated nearly 50,000 BTC in the last 4 days, according to the latest data published by on-chain analytics platform Santiment.
Despite the latest price dip, Bitcoin millionaires expanded their BTC portfolios significantly in the last few weeks. According to Glassnode, long-term Bitcoin holders now own approximately 80% of the total supply.
In addition to the recent accumulation, Bitcoin whale accounts are also moving their digital assets from leading crypto exchanges to unknown wallets. On Friday 10 September 2021, a leading BTC wallet moved 1,535 coins worth over $70 million from crypto exchange Coinbase to an unknown address.
“Whales are buying Bitcoin. Addresses with 10,000 to 100,000 BTC have purchased roughly 50,000 BTC in the last four days. This significant number of tokens have been removed from known cryptocurrency exchange wallets, reducing the selling pressure behind Bitcoin,” crypto analyst Ali Martinez mentioned on Twitter.
Last week, the world’s largest cryptocurrency saw immense volatility as the price of BTC dropped from $52,000 to as low as $43,000. The recent crypto volatility liquidated nearly $3.4 billion worth of long positions including the liquidation of over $1.3 billion worth of long Bitcoin trading positions.
Bitcoin’s On-Chain Activity
BTC’s network activity increased during the last week as its 14-day median hash rate recovered to 128 EH/s. Bitcoin mining revenues also jumped significantly in the last few days.
“The relative supply held by LTH (long-term holders) and STH (short-term holders) tell us an interesting story about Bitcoin. Firstly, more than 16.8% of the BTC supply was spent in the last 5 months and returned to profit at the recent $52.8k high. Secondly, long-term holders now own 79.5% of the BTC supply, equivalent to Oct 2020,” Glassnode highlighted.
BTC currently has a market cap of $850 billion, which is down by approximately $100 billion compared to 3 September 2021. The world’s largest digital currency accounts for more than 41% of the total crypto market cap.