Bitcoin whales accumulation reaches 2-year high. At the moment, we have a previously unseen number of wallets holding 10 or more BTC.
Whales are one of the most important indicator of whether the market is bullish or bearish. Some negative sentiment in the last weeks could suggest the bullish momentum has vanished. But if we take a look at the whales accumulation, this seems kind of funny.
Largest Bitcoin investors keep accumulating as if there were no price volatility. The number of wallets containing 10 or more of the flagship coin has reached a record high. According to blockchain analytics firm Santiment, the number of these significant holdings has peaked at a level not seen since 2022.
On-chain data shows that the number of wallets with 10 or more BTC now controls an astounding 82% of supply.
This a clear indication that BTC has solid foundational support going forward, which is consistent with the general optimism in the market.
There has been a clear correlation between the total market value of Bitcoin and the wallets holding more than 10 BTC, analysts say.
Whales accumulation of the flagship coin can be an indication of optimism. And optimism, as we all know, very often leads to additional price growth.
It's worth mentioning that some analysts thinks whale movement is overrated and can't be perceived as reliable indicator of market trends. They claim these data is sometimes noisy and essentially act as social media engagement bait.