The addresses and the large whales holding the bitcoin have always been subject to follow-up and monitoring, as by analyzing their movement, the trackers benefit from the ability to read the next movement of the bitcoin, using this indicator with other indicators.
A report from Santiment reveals that the backlog is on the rise again after bitcoin whales dumped nearly 60,000 bitcoins in the past two weeks.
In terms of price, the world’s largest cryptocurrency is still trading near $33,000, down around 5% in the past seven days.
According to the company “Santiment”, whichto analyzeencrypted currency Alblukhan company, that whales Alpetkoan now owns 48.3% oftotal supply of Alpetkoan.
According to the company, BTC addresses containing 100 to 10,000 bitcoins now hold 9.06 million bitcoins.
This is what Santiment said in a statement:
Bitcoin whale addresses containing between 100 and 10,000 bitcoins are finally showing a turning point in accumulating again.
In the past two weeks, these big addresses have given up 60,000 bitcoins.
They have 48.37% of the supply after holding 49.09% near an all-time high.
In addition to the latest accumulation by bitcoin whale accounts, the supply of bitcoin exchange has also changed dramatically over the past few weeks.
Yesterday, the big moves by bitcoin whales from leading digital exchanges to cryptocurrency wallets emerged.
The supply of bitcoin on exchanges has reached its lowest level in nearly six months.
What does increasing whales mean for your bitcoins?
Due to the limited supply of the world’s largest cryptocurrency, large bitcoin addresses are of great importance in the activity of the bitcoin network.
Some BTC addresses are owned by institutional investors.
According to a recent report by Nicholas Panjerzoglu, global market strategist at JPMorgan, institutional interest in bitcoin has faded.
As he told Bangirzooglu:
Institutional interest in Bitcoin and other cryptocurrencies decreased and even turned negative in May 2021.
It may be close to stability for the time being.
The most important thing to note is that institutional interest began to slow in April 2021, before the May correction.
The market capitalization of Bitcoin is currently over $600 billion.
BTC’s dominance of the cryptocurrency market has fallen by nearly 2% this week after a jump in the price of Ethereum.