Santiment Reveals: Bitcoin Whales Haved Stacked 266k BTC Since January
Since the start of 2024, there has been a significant increase in the number of Bitcoins held by major investors. These large Bitcoin holders have accumulated an additional 266,000 BTC, which is valued at $17.5 billion, according to Santiment analysts. The company has observed that whales, who hold between 1,000 BTC and 10,000 BTC, now own 1.24% of the total supply of 21 million Bitcoins.
Santiment also believes that institutional investors have played a role in reducing the volatility of the Bitcoin market. These market players have supported the growth of the Bitcoin rate leading up to the halving event. Experts predict that the halving will have a significant impact on the value of Bitcoin.
Many traders are experiencing the fear of missing out (FOMO). Santiment has noted that many users expect the Bitcoin rate to soon reach $70,000.
CryptoQuant CEO, Ki Young Ju, has observed that new whales are investing almost twice as much in Bitcoin compared to older major players. The expert has classified whale addresses that are not associated with exchanges (CEX) and miners and have a balance of over 1,000 BTC. This new category includes owners of coins that are less than 155 days old, as well as older coins.
The launch of spot crypto exchange-traded funds (ETFs) in the American market and the reduction in BTC issuance due to the April halving event have been key factors contributing to the rise of newer whales.
As Bitcoin’s halving event approaches, whales are preparing for the significant shift that is expected to occur in the market.
