A recently published analysis has revealed that a relatively small cohort of Bitcoin addresses is amassing a considerable amount of the flagship cryptocurrency’s circulating supply, with a total of 15,870 addresses, each holding over 100 $BTC, collectively commanding 11.5 million coins.
According to on-chain analytics firm Santiment, the hefty sum represents around 59.2% of Bitcoin’s circulating supply, making it clear larger cryptocurrency investors have been accumulating BTC and gaining control over a larger portion of its circulating supply.
Over the past quarter, these influential addresses, commonly referred to as ‘whales’ in the crypto vernacular, have expanded their cache by an additional 27,755 bitcoins.
To some analysts, whale accumulation is a telltale sign of impending market trends and potential fluctuations in the price of the flagship cryptocurrency, making whale activity an essential part of understanding the current and future landscape of cryptocurrency.
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It’s worth noting that the total number of addresses created on the Bitcoin blockchain has recently surpassed the one billion mark, although out of these addresses those with a balance are only around 45 million, as most created addresses do not currently have a balance on them.
The accumulation is coming at a time in which various analysts are making bullish predictions for the price of Bitcoin. As CryptoGlboe reported, the CEO of a cryptocurrency financial services titan managing over $2 billion in assets has recently suggested that the price of Bitcoin could, according to historical precedents, break the $100,000 mark by 2025 after the halving.
Earlier, investment research firm Fundstrat made a BTC price prediction suggesting the cryptocurrency could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving in April 2024.
Moreover, London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2023/08/bitcoin-btc-whales-accumulate-59-2-of-circulating-supply-data-shows/
