Renowned cryptocurrency data analytical platform IntoTheBlock has revealed that Whales keep buying big despite Bitcoin’s (BTC) price slumps. IntoTheBlock disclosed the latest BTC statistics on its verified X handle, boasting about 59.4k followers.
According to the data analytical outlet, Bitcoin addresses boasting between 100 and 1,000 BTC has surged by about 5% in just six months. Consequently, these whale investors now control approximately 20.3% of Bitcoin’s 19.75 million circulating supply.
Mathematically, the spotlighted percentage represents 4.01 million BTC, underscoring massive token accumulations by whales. Aside from depicting large investors’ resilience, the trend signifies a potentially positive BTC outlook.
For context, when whales accumulate, they do so during price slumps. In addition, they tend to only accumulate tokens with proven price appreciation prospects. Hence, it becomes relatively safe to assert that Bitcoin’s recent dip might be transient.
Addresses holding between 100 and 1,000 BTC now control 20.3% of the circulating supply, equivalent to 4.01 million BTC.
— IntoTheBlock (@intotheblock) September 8, 2024
This marks a 5% increase from 3.82 million BTC six months ago, highlighting growing accumulation by large holders pic.twitter.com/JwkxBgWmDS
Bitcoin and General Market Outlook as Whales Keep Buying Big
At the time of writing, the general crypto market is down by roughly 1.1% despite boasting a $2.016 trillion valuation, according to CoinGecko. Interestingly, the past year saw a remarkable 85.75% surge in the crypto market capitalization, projecting considerable expansion.
On its part, Bitcoin recorded a slight 0.7% upswing in its 1-day-to-date price change, with an approximate $54,400 selling price. Despite the subtle increase in its 24-hour price change variable, other specific period data depicted losses.
Other Bitcoin’s Relevant Statistics
Notedly, BTC’s 7-day-to-date, 14-day-to-date, and 30-day-to-date statistics recorded losses of about 7.1%, 15.2% and 10.2%, respectively. In 24-hour trading volume, BTC has also suffered significant declines. The variable is down by about 19.21% with a $15.9 billion valuation.
While it must have suffered losses over a long period, Bitcoin’s dominance has remained above 50%, even nearing 60% at some point. Bitcoin’s domineering market capitalization implies that while the entire crypto market might fluctuate, Bitcoin has suffered lesser losses than the altcoins.
