New data reveals that the largest Bitcoin (BTC) whales are snapping up billions of dollars worth of the top crypto asset by market cap in 2024.

According to market intelligence platform Santiment, while digital wallets holding between 100 and 1,000 BTC have been selling the crypto king this year, wallets holding 1,000 to 10,000 BTC have been gobbling up Bitcoin at a rapid pace.

“Independent from the impressive volume happening with Bitcoin ETFs (exchange-traded funds), there has been a distinct flip in the level of BTC’s supply being held by different sized wallets:

1,000-10,000 BTC wallets: $12.95 billion added in 2024.

100-1,000 BTC wallets: $7.89 billion dropped in 2024.”

Source: Santiment/X

According to Santiment, the accumulation of larger BTC wallets is massively outpacing the selling done by the smaller whale cohort. The analytics firm also finds that the count of large Bitcoin transactions worth more than $100,000 witnessed a sudden spike last week as BTC broke above $50,000.

“The net difference in these smaller and larger wallets typically associated with the highest tiers of active whales indicates an estimated +$5.06 billion in Bitcoin accumulation by 100-10,000 BTC wallets thus far this year.

Additionally, the most recent five-day span has seen the highest level of transactions exceeding $100,000 in value since June, 2022. There has been a clear rise in interest from key stakeholders after Bitcoin’s cross above $50,000 this week.”

Bitcoin is trading for $52,415 at time of writing, up over 1.50% in the last 24 hours.

Generated Image: Midjourney

The post Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ February 20, 2024 4:02 am