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Bitcoin whales have been increasingly active lately, gobbling up more crypto as smaller traders feel the pressure and sell their holdings.
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The number of Bitcoin wallets holding 100 BTC or more has just hit a 17-month high, after a surge in hodling over the past month.
Data shared by Blockchain analytics platform Santiment in an Aug. 31 X post, shows over 283 wallets managed to cross the 100 Bitcoin (BTC) mark in August.
Source: Santiment
“As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just 1 month,” Santiment said.
“The now 16,120 such wallets on the network has broken a 17-month high.”
In the same period, Santiment reported that wallets with at least 10 Bitcoin, known as “sharks,” have also been increasing their holdings.
Overall, the Blockchain analytics platform estimates all these wallets, which range between 10 and 10,000 Bitcoins, have collectively accumulated over 133,000 coins worth more than $7.6 billion in the last 30 days.
Whales gobbling up more crypto as smaller traders exit
Adam Back, CEO of Blockstream and inventor of Hashcash, noted that since Bitcoin’s price dipped from over $62,000 to around $58,000 on Aug. 28, whales have been on a buying spree.
“Whales back buying 450btc/day every minute all day long, since dip on 28th. Same as Bitcoin mined per day. Go ahead sell them cheap corn,” he said.
Source: Adam Back
Santiment attributes this increase in whale activity to “smaller traders” who “continue to impatiently drop their holdings to them.”
Crypto analyst and CryptoQuant contributor Axel Adler Jr speculated in a Sept. 1 X post, that smaller traders could be feeling the pressure to sell as the price drops below their entry point.
“In the current bull market, the metric has not fallen below 17%, the current figure is -8%. If it continues to decline, the number of people willing to sell coins at a loss could double,” he said.
The Crypto Fear and Greed Index, which gauges crypto market sentiment, is currently at 26, indicating a state of “Fear.” Throughout August, the index showed more days of fear than greed, with an average rating of 37, firmly placing it within the “Fear” territory.
Despite this, Bitgrow Lab founder Vivek Sen suggests that the increased whale activity might be a positive sign for the market.
Source: Vivek Sen
He says, historically, significant whale buying has often preceded new all-time highs for Bitcoin.
“The last time whales bought a lot, Bitcoin hit a new ATH,” Sen said.
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This article first appeared at Cointelegraph.com News
