Bitcoin Whales Unfazed by Market Panic

Despite the recent market downturn, Bitcoin whales have remained calm and held onto their coins.

Whales Accumulating since March

On-chain data from Santiment shows that large BTC holders (whales) have been accumulating since March 1st. The “Supply Distribution” indicator reveals that the following cohorts have increased their holdings:

  • Sharks (100-1,000 BTC): 43,489 BTC ($2.72 billion)
  • Whales (1,000-10,000 BTC): 80,544 BTC ($5.04 billion)
  • Mega Whales (10,000-100,000 BTC): 91,732 BTC ($5.75 billion)

Mega Whales Fuelled ATH Rally

The chart indicates that mega whales aggressively accumulated at the start of May, driving the rally to the all-time high (ATH). However, they sold some after the ATH and have since held their positions.

Sharks and Whales Steady

Sharks and whales have maintained relatively stable holdings throughout the recent price decline.

Current BTC Price

At the time of writing, Bitcoin is trading around $62,600, down over 11% in the past week.