According to Cointelegraph, the number of Bitcoin (BTC) whale transactions worth $100,000 or more has decreased by 48% since March 2024, coinciding with a 20% drop in Bitcoin's price over the same period.
Data from Santiment, a data analytics platform, reveals that BTC whale transactions fell to 60.2K during the last week of August from a high of 115.1K between March 13 and March 19. Despite the decline in whale activity over the past six months, long-term accumulation by whale addresses remains relatively high.
Meanwhile, data from Intotheblock shows that Bitcoin addresses holding between 1,000 and 10,000 BTC comprise the largest share of the total Bitcoin supply at 24.17%. Addresses holding between 10 and 100 BTC and 100 and 1,000 BTC also account for significant portions of the supply, at 22.08% and 20.32%, respectively. The supply held by whales (1,000 BTC-10,000 BTC) peaked in January 2021, reaching 30%, but has since dropped to 24.17%, with redistribution occurring among other groups.
Onchain data from Glassnode indicates that the average supply per whale is currently close to 550 BTC. The Supply per Whale metric, created by Charles Edwards, measures the accumulation and distribution behavior of large Bitcoin holders. It is defined as the total supply owned by addresses holding 100 to 10,000 BTC, divided by the address count. This metric increases when whales accumulate and decreases during distribution events. If considering addresses with more than 1,000-10,000 BTC as legitimate whales, the average supply per address is around 2,401 BTC.
Data from Chainexposed shows that Bitcoin whale accumulation heatmap indicates support around $52,000 BTC, with high buyer concentration from $51.5K to $52.3K during February 2024. Interestingly, BTC price rallied 42% after whale accumulation at that range in Q1, 2024. The same range may act as a demand and support zone for Bitcoin if it undergoes another correction down to that price point. Over the past 24 hours, Bitcoin has rallied 2% but currently faces resistance from the 200-day EMA.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Miyuki