Bitcoin (BTC) whales are stocking up, with “millionaire” addresses accumulating around 90,000 Bitcoin worth $367 billion over the past 25 days.
The accumulation was identified by crypto market data aggregator Santiment, which identified that wallets holding between 100 and 10,000 BTC — described by the company as “millionaire tier” addresses — are now the largest segment of Bitcoin hodlers and currently account for 48.7% of Bitcoin’s supply.
The recent buying spree places the millionaire addresses at a seven-week high for the number of Bitcoin held, with the addresses representing more than 9.11 million BTC — down just a couple of percent from their mid-April high.
#Bitcoin addresses holding between 100 to 10,000 $BTC have accumulated 90,000 more $BTC in the last 25 days. They now hold a 7-week high of 9.11m $BTC, currently worth a total of $366.89 Billion at this time, and 48.7% of the total #Bitcoin supply. https://t.co/5B2qmOW2lg pic.twitter.com/eJVSDlEFc3— Santiment (@santimentfeed) June 16, 2021
Miners also appear to be accumulating BTC, with on-chain analytics provider Glassnode identifying that weekly Bitcoin outflows from miner addresses slumped to a five-month low of roughly $1.7 million on Wednesday.
Related: Listed companies, trusts and ETPS now control almost 7% of the Bitcoin supply
Looking at the opposite end of the scale from whales, Glassnode noted the share of supply represented by addresses holding less than 1 Bitcoin has doubled since December 2017 to compose roughly 5% of Bitcoin’s market capitalization.
The response of 'the little guy' to the evolution of #Bitcoin as an asset can be seen in the supply distribution.— glassnode (@glassnode) June 16, 2021
Live Chart: https://t.co/IujxVGegF9 pic.twitter.com/GU5a6emJBU
While many whales and miners appear to be hodling their coins in expectation of higher prices, transaction monitor Whale Alert has identified two transfers of roughly 5,000 BTC, or $200 million each, destined for Coinbase since Monday, suggesting at least some large investors are looking to trade their Bitcoin.