According to on-chain statistics, large bitcoin whales have been accumulating in the past 10 days, as BTC has surged strongly.
According to data from the on-chain analytics company Santiment, numerous Bitcoin holding groups have lately shown significant accumulation. The key indication, in this case, is “BTC Supply Distribution,” which reveals which wallet groups on the network currently control what proportion of the overall supply.
The wallet groups relate to ranges that indicate the maximum and minimum quantity of coins that each wallet in a specific group is presently holding. For example, the 1-10 currencies band comprises all wallets that have between 1 and 10 BTC at the moment.
The Supply Distribution indicator for this group would thus indicate the proportion of the total Bitcoin supply presently occupied by the aggregate balances of all wallets falling within this range.
There are three wallet groups of importance within the framework of the present discussion: 10-100 coins, 100-1,000 coins, and 1,000-10,000 coins.
As the most recent increase in the price of the cryptocurrency (where BTC has now reached $21,000) followed this large accumulation from these two cohorts, it would seem that their purchases helped establish its foundation.
The major whales‘ holdings have increased by 37,100 BTC over the last 10 days, indicating that they have reversed their previous pattern and are now purchasing. Due to this buildup, Bitcoin was recently able to achieve a quick and sustained breakthrough above higher levels.
All of these market categories are now converging at the same time, which bodes well for the present upswing. However, the 1,000-10,000 coin group may still be the one to watch, as a swift negative reversal might occur if these massive whales begin to distribute again.
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