😮 Independent from the impressive volume happening with #Bitcoin #ETF‘s, there has been a distinct flip in the level of $BTC‘s supply being held by different sized wallets:
🐳 1K-10K $BTC wallets: $12.95B added in 2024
🐋 100-1K $BTC wallets: $7.89B dropped in 2024(Cont) 👇 pic.twitter.com/BL7Mrj6kLq
— Santiment (@santimentfeed) February 16, 2024
Big whales are aggressively purchasing bitcoin
Whales with between 1,000 and 10,000 bitcoin in their wallets bought $12.95 billion worth of bitcoin from the market in 2024. Unfortunately, wallets with 100 to 1,000 bitcoins have already lost a total of $7.89 billion worth of bitcoin.
Although there is of course a chance that wallets climbed over the 1,000 bitcoin limit and therefore ended up in the 1,000 to 10,000 bitcoin category.
According to Santiment, we don’t have to worry in any case, because the larger bitcoin whales are currently accumulating faster than the smaller whales are selling.
Additionally, the most recent 5-day span has seen the highest level of transactions exceeding $100K in value since June, 2022. There has been a clear rise in interest from key stakeholders after #Bitcoin‘s cross above $50K this week.
🧐 Explore our chart: https://t.co/ebmTc9z1Og
— Santiment (@santimentfeed) February 16, 2024
Santiment also notes that the number of bitcoin transactions with a dollar value of $100,000 or more saw a sudden spike after the bitcoin price rose above $50,000.
Who are these whales?
There is of course a chance that the whales in question are the Spot Bitcoin ETFs. For example, the Spot Bitcoin ETFs bought 44,774 bitcoin from the market last week alone. This also includes Grayscale’s sales.
How many people realize that ETFs bought 44,770 #Bitcoin last week? This includes $GBTC ‘s selling. pic.twitter.com/3LKmP7Yd6o
— HODL15Capital 🇺🇸 (@HODL15Capital) February 19, 2024
That doesn’t change the fact that it is impressive. If ETFs continue at half this pace through 2024, it could mean fantastic things for the stock.
New $ GO ad just dropped. IMO simple, modern, effective. In sweet spot bt boring legacy fund co ad and “hey fellow kids” type stuff. Strong advisor-friendly vibes. BlackRock on brink of pulling away as the category liquidity king, going for kill w more ads makes sense. https://t.co/V8VVgB2G8d
— Eric Balchunas (@EricBalchunas) February 19, 2024
There is a chance of this, because the ETF issuers are all trying to advertise bitcoin in their own way. For example, the above advertisement is from the large BlackRock, which is the most successful as a Bitcoin ETF issuer to date.
BlackRock already raised more than 120,000 bitcoin during the first weeks of trading.
“Mr. 100” won’t let the ETFs scoop up all the #Bitcoin 👇 Bought 1,250 $BTC since the U.S. stock market closed on Friday pic.twitter.com/RRo8ay3tVx
— HODL15Capital 🇺🇸 (@HODL15Capital) February 19, 2024
Another notable whale that seems to be buying big at the moment is “Mr. 100” which is followed by HODL15capital. Mr. 100 buys 100 bitcoin from the market almost every day. Who could this gigantic whale be?
Source: https://bitcoinmagazine.nl/nieuws/grootste-bitcoin-whales-kochten-voor-13-miljard-aan-btc-in-2024
