Whale Bitcoin (BTC) accounts, holding between 100 and 10,000 coins, have enhanced their digital asset holdings in the past 2 weeks. According to Santiment’s on-chain data, the mentioned addresses, which include institutional crypto holders, purchased over 18,000 BTC since 10 April.
In terms of value, large addresses added approximately $750 million worth of Bitcoin to their existing portfolios. Millionaire BTC addresses now account for more than 48% of the total circulating BTC supply. Despite the reason that a recent surge was observed across the Bitcoin whale network, the overall crypto holdings of BTC whales have decreased significantly compared to October 2021.
“Bitcoin whale addresses holding 100 to 10k BTC have collectively accumulated 18,104 more BTC since the April 10th price drop below $40k. However, their holdings are still down substantially since October 2021. Meanwhile, USDT buying power looks promising,” Santiment noted.
Earlier this month, the circulating supply of Bitcoin reached 19 million BTC. Amid market volatility, the on-chain movement of the world’s most valuable digital asset increased. Recently, a millionaire BTC account sent 5,100 coins worth more than $200 million to an unknown wallet.
Bitcoin Network Activity
Despite a jump in whale transactions, the BTC network activity including active Bitcoin addresses and transaction count has remained on the lower side during the past two weeks, mainly due to a dip in its price. Additionally, BTC faced challenges in weekly crypto inflows as institutional players pulled out $73 million worth of investment from BTC products.
However, the network activity related to Ethereum shows a contrasting picture. "Ethereum’s address activity really picked up this week, with Wednesday's 592k addresses being the highest number of unique interactions in over a month. Meanwhile, social discussion for ETH has hit its highest levels in over two months,” Santiment highlighted in a recent Tweet.
