Bitcoin whales or bitcoin addresses containing between 100 and 10,000 bitcoins are not selling their crypto assets despite the recent jump in cryptocurrency prices.
In fact, bitcoin whales have greatly increased their holdings by adding nearly 100,000 bitcoins in the past five days.
According to the latest data published by the crypto market analysis platform Santiment, bitcoin whale addresses now hold nearly 9.23 million bitcoins, an all-time high.
The activity of the Bitcoin network has increased significantly in the past few days.
The following was stated in the Santiment report:
Big Bitcoin addresses holding between 100 and 10,000 BTC are not showing signs of profit taking on the rallies we’ve seen over the past two weeks.
These owners currently own 9.23 million bitcoins, which is an all-time high.
In terms of price action, the world’s most valuable cryptocurrency has seen a huge jump in the past three weeks.
After the bitcoin price reached nearly $29,000 on July 20, bitcoin broke the $45,000 price level on August 8 and is still doing so until now.
Currently, Bitcoin is trading at over $45,000 with a market capitalization of around $820 billion.
The dominance of Bitcoin in the crypto market is around 46.4%.
In addition to the most recent accumulation and aggregation by major bitcoin holders, the overall spending of older bitcoins (which has not moved in a year or more) has not increased.
According to Glassnode:
Despite the strong rally to $45,000, the Bitcoin market has yet to see significant spending from the old coins (>1 year).
This is quite different from the 2018 bear market where the old hands took the cash on most of the rallies
The latest data from Glassnode also shows that bitcoin holders are still not interested in spending their bitcoins, which is a bullish sign.
Last week, Glassnode highlighted a 30% increase in total bitcoin exchange activity which is mainly due to the recent jump in the total cryptocurrency market capitalization.
The total market capitalization of cryptocurrencies is currently around $1.77 trillion.