Bitcoin Whales Ramp Up Purchases as Prices Drop

Bitcoin holders with large wallets have been steadily increasing, with the number of wallets containing at least 100 BTC reaching its highest level in 17 months.

Recent data from Santiment, a blockchain analytics platform, indicates that in August alone, over 280 wallets crossed the 100 BTC mark. This rise comes as smaller traders exit the market amid falling prices, leading to an influx of “whales” accumulating more Bitcoin.

🐳 As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just 1 month. The now 16,120 such wallets on the network has broken a 17-month high. pic.twitter.com/DcAU0W01Pk

— Santiment (@santimentfeed) August 31, 2024

Santiment reported that the total number of wallets holding at least 100 BTC has now grown to 16,120, reflecting a notable surge in larger investors. Meanwhile, wallets with 10 or more BTC have also been increasing their Bitcoin holdings. Over the past 30 days, wallets holding between 10 and 10,000 BTC collectively amassed over 133,000 Bitcoin, valued at more than $7.6 billion.

Amid the decline in Bitcoin prices, which dropped from above $62,000 to around $58,000 in late August, whales have been taking advantage of the dip.

Santiment attributes this spike in whale activity to smaller traders selling off their holdings, likely due to market pressure. Crypto analyst Axel Adler Jr. suggested that these smaller investors might be reacting to the falling prices, selling as the value dips below their entry points.