Bitcoin Accumulation: Wallets with 100+ BTC hit 17-month high

The count of Bitcoin wallets holding at least 100 BTC has reached a 17-month peak, reflecting a significant uptick in large-scale Bitcoin accumulation over the past month.

Blockchain analytics firm Santiment reported on August 31 that the number of these “whale” wallets surpassed 283 in August alone. According to Santiment, the total has now surged to 16,120 wallets, marking the highest in over a year.

While Bitcoin prices have fluctuated, leading some retail traders to exit, whales have capitalized on the opportunity to increase their holdings. Santiment highlighted that alongside whales, “sharks”—wallets holding at least 10 BTC—have also been actively accumulating more Bitcoin.

Collectively, wallets ranging from 10 to 10,000 Bitcoin have amassed over 133,000 BTC, valued at upwards of $7.6 billion in just the last month.

Blockstream CEO and Hashcash inventor Adam Back noted a sharp increase in whale purchases after Bitcoin’s price drop from $62,000 to around $58,000 on August 28. “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 observed.

This uptrend in whale buying is largely attributed to less patient smaller traders shedding their holdings, as noted by Santiment.

Axel Adler Jr, a CryptoQuant analyst, discussed on September 1 how price dips below initial purchase levels might be pressuring smaller traders to sell. Despite the overall market fear—indicated by a Crypto Fear & Greed Index score of 26 as of September 2—there are positive sentiments among some experts about the impact of whale activities.

Vivek Sen, founder of Bitgrow Lab, mentioned historical instances where significant purchases by whales preceded new all-time highs in Bitcoin’s price. “The last time whales bought a lot, Bitcoin hit a new ATH,” he stated, suggesting a potential bullish outcome from this trend.

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