Bitcoin whales are steadily increasing their holdings, now controlling over 40% of the total supply. According to recent data from TheBlock, addresses holding between 100 to 10,000 BTC have ramped up their accumulation.
Since January, whale addresses have added around 400,000 BTC to their portfolios.
This move has brought their total holdings to a substantial 8.08 million BTC. Such concentrated ownership underscores the whales' confidence in Bitcoin's long-term value.
These large-scale investors have been on a buying spree, significantly influencing the market dynamics.
Santiment's analysis highlights that the largest single-day increase in whale holdings occurred on May 28. On this day alone, whales added 57,578 BTC. This level of activity marks the highest single-day whale accumulation since February 11, 2022.
The recent surge in whale buying contrasts sharply with the broader market's cautious stance. While retail investors remain hesitant, whales are doubling down, seeing current prices as a buying opportunity. This trend suggests a potential bullish outlook from those with significant market influence.
It's worth noting that whale activity often precedes notable market movements. Their increased holdings could signal upcoming price volatility. However, the extent to which this will impact the market remains uncertain.