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.
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.
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.
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.