On-chain data shows that high-net-worth investors have been flocking to Bitcoin as major funds have seen sharp growth over the past month and a half.
Bitcoin Shark & ​​Whale Wallets Are Up About 10% Recently
According to data from on-chain analytics company Santiment, Bitcoin addresses holding at least 100 BTC have seen a significant jump since the beginning of this bull run.
The relevance indicator here is “Supply Distribution,” which tells us the number of BTC wallets that belong to a given coin. In the context of the current article, the range of interest is 100+ BTC (the upper limit is unlimited).
The lower end of the range translates to about $10.4 million at the latest exchange rate, which is a significant amount. Therefore, the only investors who will be able to get this list would be those who have a lot of money.
Specifically, the range includes two important groups of BTC investors: sharks and whales. The influence of any company on the market increases with the number of additional coins, so sharks and whales are considered particularly influential creatures in the network.
Therefore, what these investors are doing, that is, their Supply Distribution practice, can be worth looking at. Even though their movements may not always translate into material value, they can still give us information about the sentiment among these giants.
Now, here is the Bitcoin Supply Distribution chart shared by the statistics company showing the data for the 100+ BTC range:
The value of the metric appears to have been heading up in recent days | Source: Santiment on X
From the graph, it can be seen that the Bitcoin Supply Distribution of 100+ coin wallets has moved higher while the price of the asset itself has seen its performance.
On October 10, the metric stood at 16,062, but it has increased to 17,644. This suggests that 1,582 shark and whale-sized bags have appeared on the network in just nine weeks.
Interestingly, most of this 9.9% jump in the index came this month alone, meaning that most of these investors bought the stock at recent highs.
The growth of the index which continues to accelerate only while BTC is marching higher is naturally a positive sign, as it suggests that traders with large capital think that the cryptocurrency is worth buying even at these prices.
Given the Fear Of Missing Out (FOMO) that has developed among large investors, it is not surprising that the Bitcoin rally has shown no signs of stopping yet, as the price of the asset has set another record, this time above the $106,000 mark.
BTC price
At the time of writing, Bitcoin is trading around $103,900, up nearly 5% over the past week.
Looks like the price of the coin has surged over the last 24 hours | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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