The dominance of top Bitcoin holders is rising in the crypto market these days, and the numbers are backing the recent surge. Large Bitcoin addresses, holding at least 100,000 coins, now have a total holding of 664,000 BTC.
The blockchain and crypto analytics platform, Santiment has data showing that at least three addresses have more than 100,000 Bitcoin. Despite a drop in BTC’s price, the total holdings of top BTC addresses have increased in the past 6 weeks.
“Bitcoin’s top addresses with 100k+ coins currently hold 664k BTC after sitting at just 260k BTC in Feb 2021. There are currently 3 addresses of at least this size. They held an All-Time High of 693k BTC in late June, just prior to prices surging,” Santiment highlighted.
Amid a rise in BTC’s whale holdings, a crypto address moved approximately $132 million worth of Bitcoin. According to Whale Alert, a BTC wallet transferred 3,000 coins to the digital exchange Gemini on 16 February 2022. The transaction was executed at around 22:41 UTC.
Bitcoin in a Price Range
After a recovery of more than 25% since 24 January 2022, the price of Bitcoin has been stabilizing above the $43,000 level. While BTC’s hash rate has touched another all-time high of 194 EH/s this week, bulls have not been able to take full control due to uncertain global economic conditions.
“Bitcoin remains hesitant, as data shows that this recent rally was driven mostly by futures, whilst spot has been selling. We know this because the aggregated CVD (Cumulative Volume Data) for the spot has been stagnant whilst the CVD for futures has increased. This suggests that this price rise was driven by speculation or hedging rather than genuine demand. More major financial institutions are entering the space as DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year,” Marcus Sotiriou, an Analyst at GlobalBlock, said.
