Whale Activity in Bitcoin: A Deep Dive

Whale Holdings on the Rise

According to data from Santiment, Bitcoin whales (holding 1,000-10,000 BTC) have been accumulating significant amounts of the cryptocurrency since the beginning of 2024. They’ve added a total of 248,900 BTC, worth approximately $13 billion.

Sharks Trim Holdings

In contrast, Bitcoin sharks (holding 100-1,000 BTC) have sold off 151,200 BTC, worth about $8 billion. However, some of this selling may be due to sharks crossing the 1,000 BTC threshold and becoming whales.

Overall Accumulation

Despite the selling from sharks, the whales’ buying has more than offset it. The net result is a $5 billion accumulation by large holders.

Whale Activity Surge

Santiment’s data also shows a recent spike in whale transaction activity, reaching its highest level in five days since June 2022. This indicates increased involvement from these large investors.

Price Movement

Bitcoin’s price has been relatively stable lately, hovering around $52,300.