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Bitcoin supply held by THIS group crosses 4 mln: Impact on BTC?

September 9, 2024
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Bitcoin supply held by THIS group crosses 4 mln: Impact on BTC?
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  • BTC whales now hold 20% of the BTC supply.
  • BTC has risen to around $55,000 in the last 24 hours.

Bitcoin [BTC] accumulation by certain addresses has notably increased in recent months. The accumulation is significantly higher when comparing the volume held by these addresses to six months ago.

A more positive sign emerges when these increasing holdings are compared with the exchange reserves over the same period. 

Bitcoin whales accumulate an extra 5%

Recent data from IntoTheBlock showed that Bitcoin addresses holding 100-1,000 BTC have significantly increased their accumulation.

These addresses now hold over 4 million BTC, representing over 20% of the total Bitcoin supply. 

This notable increase reflected a 5% rise in holdings compared to six months ago. At that time, these whale addresses held around 3.82 million BTC.

This growth in accumulation underscores the growing confidence in Bitcoin’s long-term potential, particularly amid volatile market conditions.

The substantial increase in holdings by these addresses suggested that larger investors, or whales, are positioning themselves for future gains.

Bitcoin’s exchange reserve continues to deplete

The recent accumulation of Bitcoin by large addresses is indeed a bullish sign, and the current trend of the Bitcoin exchange reserve further reinforces this positive outlook. 

According to an analysis of the exchange reserve data on CryptoQuant, Bitcoin reserves on exchanges have been in consecutive decline.

As of this writing, the exchange reserve stood at around 2.68 million BTC, a decrease from approximately 2.93 million BTC six months ago.

Bitcoin exchange reserve

Source: CryptoQuant

This consistent decline in the exchange reserve, paired with the growth in BTC accumulation by addresses holding 100-1,000 BTC, indicates that many holders have chosen to hold onto their BTC rather than sell or trade it.

See also  Binance's net balance brings cheer to investors as BNB crosses $300

By moving their Bitcoin off exchanges, these holders are signaling a long-term hold strategy, often suggesting growing confidence in future price appreciation.

The shrinking exchange reserve combined with the increased accumulation suggests a tightening supply, potentially leading to upward price pressure.

BTC’s price rises 

In the latest trading session, Bitcoin saw an increase of over 1%, pushing its price to around $54,881, according to an analysis of its daily price chart.

As of this writing, Bitcoin has risen further to approximately $55,300, with a slight increase of less than 1%.

Bitcoin price trend

Source: TradingView


Read Bitcoin’s [BTC] Price Prediction 2024-25


Looking back at the price trend from when the accumulation phase began, BTC was trading above $60,000. This means that early accumulators are currently holding their assets at a loss.

However, if BTC can break above the $65,000 price range, those early accumulators would shift into significant profit territory.

Next: Chainlink eyes breakout: Social dominance surges amid reversal signs

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  • BTC whales now hold 20% of the BTC supply.
  • BTC has risen to around $55,000 in the last 24 hours.

Bitcoin [BTC] accumulation by certain addresses has notably increased in recent months. The accumulation is significantly higher when comparing the volume held by these addresses to six months ago.

A more positive sign emerges when these increasing holdings are compared with the exchange reserves over the same period. 

Bitcoin whales accumulate an extra 5%

Recent data from IntoTheBlock showed that Bitcoin addresses holding 100-1,000 BTC have significantly increased their accumulation.

See also  Bitcoin Miner Marathon Digital to Raise $750 Million Amid MARA Stock Rally

These addresses now hold over 4 million BTC, representing over 20% of the total Bitcoin supply. 

This notable increase reflected a 5% rise in holdings compared to six months ago. At that time, these whale addresses held around 3.82 million BTC.

This growth in accumulation underscores the growing confidence in Bitcoin’s long-term potential, particularly amid volatile market conditions.

The substantial increase in holdings by these addresses suggested that larger investors, or whales, are positioning themselves for future gains.

Bitcoin’s exchange reserve continues to deplete

The recent accumulation of Bitcoin by large addresses is indeed a bullish sign, and the current trend of the Bitcoin exchange reserve further reinforces this positive outlook. 

According to an analysis of the exchange reserve data on CryptoQuant, Bitcoin reserves on exchanges have been in consecutive decline.

As of this writing, the exchange reserve stood at around 2.68 million BTC, a decrease from approximately 2.93 million BTC six months ago.

Bitcoin exchange reserve

Source: CryptoQuant

This consistent decline in the exchange reserve, paired with the growth in BTC accumulation by addresses holding 100-1,000 BTC, indicates that many holders have chosen to hold onto their BTC rather than sell or trade it.

By moving their Bitcoin off exchanges, these holders are signaling a long-term hold strategy, often suggesting growing confidence in future price appreciation.

The shrinking exchange reserve combined with the increased accumulation suggests a tightening supply, potentially leading to upward price pressure.

BTC’s price rises 

In the latest trading session, Bitcoin saw an increase of over 1%, pushing its price to around $54,881, according to an analysis of its daily price chart.

See also  Predictions Point to Massive Gains by 2025

As of this writing, Bitcoin has risen further to approximately $55,300, with a slight increase of less than 1%.

Bitcoin price trend

Source: TradingView


Read Bitcoin’s [BTC] Price Prediction 2024-25


Looking back at the price trend from when the accumulation phase began, BTC was trading above $60,000. This means that early accumulators are currently holding their assets at a loss.

However, if BTC can break above the $65,000 price range, those early accumulators would shift into significant profit territory.

Next: Chainlink eyes breakout: Social dominance surges amid reversal signs
Tags: BitcoinBTCcrossesGroupheldimpactmlnsupply

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Bitcoin Mining Made Predictable: Soluna, Luxor Streamline Bitmine’s Growth

Bitcoin Mining Made Predictable: Soluna, Luxor Streamline Bitmine’s Growth

March 30, 2025
Bitcoin Miner IREN Surges on Renewed AI Interest, Possible BTC Dividend Payment

Bitcoin Miner IREN Surges on Renewed AI Interest, Possible BTC Dividend Payment

November 27, 2024
Set Top Box (STB) Chipset Market Trends, Key Drivers, Opportunities, Leading Players And Forecast To 2031 | Kentek Corporation, Honeywell International Inc

Set Top Box (STB) Chipset Market Trends, Key Drivers, Opportunities, Leading Players And Forecast To 2031 | Kentek Corporation, Honeywell International Inc

October 8, 2024
Leading Ethereum NFT floor prices, sales fall while Ordinals rise

Leading Ethereum NFT floor prices, sales fall while Ordinals rise

March 14, 2024

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