Bitcoin accumulation is on the rise despite a substantial decrease in its price. Even a jump in volatility and inconsistent trading volumes are not affecting long-term holders of BTC. While the price of the digital asset is struggling to hold the $50,000 level, BTC whales have expanded their portfolios with large accumulations in the last 10 weeks.
The Bitcoin whale club includes BTC addresses with holdings between 100 and 1,000 coins. The data released by the crypto analytics platform, Santiment highlights the growing BTC whale numbers since the start of Q4 of 2021. A total of 193 BTC addresses joined the prestigious whale club in the past 10 weeks.
Overall, 13,942 addresses are now holding between 100 and 1,000 coins, which is 1.4% higher than late September 2021. “Bitcoin's number of whale addresses holding 100 to 1,000 BTC has 193 more addresses in this prestigious club, compared to just 10 weeks ago. The number of whales in this tier has shown some strikingly impressive parallels to BTC price, historically,” Santiment tweeted.
Bitcoin Circulating Supply and Hash Rate
Earlier this week, Bitcoin's circulating supply crossed the level of 18.9 million, which means that more than 90% of the total coins have already been mined.
In contrast, BTC’s hash rate, an important indicator of the network health of Bitcoin, spiked 93% from the recent lows. Despite improving network indicators, the latest price drop has caused major issues for the short-term holders of the crypto asset.
“We're currently observing an acceleration of Realized Losses among holders, trending above $1 Billion daily on two occasions during this correction. While Realized Losses only directly show underwater supply being spent, we typically assume this reflects an upper bound magnitude on new sell pressure, as coins enter back into liquid circulation,” Glassnode noted.
