The Bitcoin whale community is not alone in the accumulation of the world’s largest digital currency. According to the latest data posted by Glassnode, small BTC addresses have increased Bitcoin accumulation near the $50,000 price level.
The total number of BTC addresses holding at least 0.1 BTC have reached 3.2 million, which is the highest level in nearly three months. On the other hand, whale Bitcoin accounts have increased their BTC holdings substantially this August. According to Santiment, BTC millionaire addresses are currently holding more than 9 million coins, approximately 50% of the total Bitcoin supply.
“The total number of Bitcoin addresses holding 0.1+ coins just reached a 3-month high of 3,231,069. A previous 3-month high of 3,230,900 was observed on 29 August 2021,” Glassnode mentioned.
The recent trend of the accumulation from ‘small fish’ BTC accounts (holding 0.1+ Bitcoin) shows that the majority of the BTC holders are not yet ready to sell their assets. In fact, they are planning to increase their holdings to take advantage of the potential rally in the world’s most valuable digital asset.
Bitcoin Whales
Last week, Bitcoin saw a significant jump in its network activity as large BTC accounts started moving the cryptocurrency from digital exchanges and unknown wallets. On 25 August, a BTC address moved 6,000 coins from Binance to Xapo. The total value of the transfer stood at $292 million. On Saturday 28 August, Whale Alert, a leading Blockchain tracking and Analytics platform, highlighted a transaction worth nearly $500 million from Binance. A similar transfer involving 10,230 Bitcoin was highlighted on the same day.
The $50,000 price level holds significant importance for Bitcoin. Last week, BTC crossed $50K for the first time in 13 weeks but failed to stay above the mentioned price level. BTC has stabilized near $47,000 for the last few days. Currently, Bitcoin is trading near $47,500 with a market cap of $902 billion and a crypto market dominance of over 43%.
