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Bitcoin's wealthiest investors and their influence on BTC price movements. Despite a notable 48% decrease in whale transactions worth $100,000 or more since March 2024, Bitcoin's price has declined by 20% over the same period. This shift in whale activity could provide insights into current market behavior and pricing.
Bitcoin addresses holding between 1,000 and 10,000 {Bitcoin} (BTC) hold the largest share of the total Bitcoin supply, at 24.17%, according to data from Intotheblock. These addresses have seen a decrease in their share from a peak of 30% in January 2021, indicating a redistribution of Bitcoin among different holder groups. Currently, addresses holding 10 to 100 BTC and 100 to 1,000 BTC also command significant portions of the supply, at 22.08% and 20.32%, respectively.
Despite the drop in whale transactions, long-term accumulation by these large holders remains significant. Data from Santiment shows a reduction in whale transactions from 115.1K in mid-March to 60.2K in late August, yet the overall accumulation by whale addresses remains high. This suggests a strategic holding pattern rather than an abrupt sell-off.
On-chain data from Glassnode highlights that the average Bitcoin supply per whale address is approximately 550 BTC. When considering addresses with 1,000 to 10,000 BTC as whales, this average increases to around 2,401 BTC. This metric, developed by Charles Edwards, tracks large Bitcoin holders' accumulation and distribution behaviors.
A whale accumulation heatmap from Chainexposed points to strong support around the $52,000 mark, reflecting high buyer concentration in this range during February 2024. Historical data shows that Bitcoin's price rallied 42% after such accumulation, indicating that this price range might serve as a significant support zone.
In summary, while the number of large transactions has decreased, the behavior of major Bitcoin holders continues to influence market dynamics. The current support level around $52,000 and the high average supply per whale underscore the significant role these large addresses play in Bitcoin's market structure.
