Whales with Over 100 BTC Reach 17-Month High as Retail Sell-Off Persists

IconCryptoNewsTerminal Staff30 Aug, 2024

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Whales with Over 100 BTC Reach 17-Month High as Retail Sell-Off Persists

Whales continue to accumulate Bitcoin (BTC) despite the recent sell-off by retail investors. According to crypto on-chain analytics platform Santiment, the number of addresses holding 100 or more BTC has reached 16,120, a 17-month high. This represents an increase of 283 addresses in the past month alone. The accumulation by whales suggests that they are confident in the long-term prospects of Bitcoin, despite the current market volatility. This trend of whale accumulation is likely to continue in the coming months as the market recovers. As the price of Bitcoin rises, more investors will be attracted to the asset, and this will lead to further accumulation by whales.

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