Whales Continue Accumulating Bitcoin, Holding Over 20% of Available Supply
CryptoNewsTerminal Staff08 Sep, 2024
Whales Continue Accumulating Bitcoin, Holding Over 20% of Available Supply
Whales holding between 100 and 1,000 Bitcoin (BTC) are continuing to accumulate, according to a report by crypto market data analytics platform IntoTheBlock. As of today, these addresses hold 4.01 million BTC, or 20.3% of the circulating supply. This represents a 5% increase from 3.82 million BTC six months ago. This accumulation suggests that whales remain bullish on Bitcoin's long-term prospects, despite the recent market volatility. The increase in whale accumulation is a positive sign for the Bitcoin market. It indicates that large investors are confident in the future value of Bitcoin and are willing to hold it for the long term. This accumulation could provide support for the Bitcoin price and help to prevent further declines. Overall, the continued accumulation by whales is a bullish sign for Bitcoin. It suggests that large investors are confident in the long-term prospects of the cryptocurrency and are willing to hold it for the foreseeable future.
