On-chain data shows that large Bitcoin investors have increased their holdings in the past week, which could indicate a bullish trend for BTC's price.
According to a new post on X by the on-chain analytics firm Santiment, Bitcoin investors holding between 10 to 10,000 BTC have added to their holdings. The relevant on-chain indicator here is the “Supply Distribution,” which reflects the total number of tokens held by specific wallet groups.
Investors are categorized based on the size of their balances. For instance, the 1 to 10 coins group includes holders with between 1 and 10 tokens. In this context, the focus is on the groups within the 10 to 10,000 BTC range, which includes significant holders in the sector, such as sharks and whales. Their behavior is crucial to monitor due to their substantial holdings.
Recently, Santiment shared a chart showing the trend in Bitcoin Supply Distribution for the 10 to 10,000 BTC holders over the last few months. The chart reveals that this group has seen a significant increase in their Bitcoin supply, indicating they have collectively purchased 79,244 BTC in the past week. At the current exchange rate, this equates to approximately $8.3 billion.
This accumulation by key investors has occurred while BTC has been declining after reaching a new all-time high (ATH). This behavior may suggest that these holders still have confidence in the rally and view the current price drop as a buying opportunity.
However, the 10 to 10,000 range is broad, which means it includes both significant investors and those with lesser holdings. Fortunately, it seems that whales (those holding 1,000 to 10,000 BTC) also align with this buying trend, as indicated by analyst Ali Martinez's chart. The data shows that whales have added around 30,000 tokens to their holdings in the past few days, suggesting that it is not just mid-sized investors capitalizing on this dip.
As of the time of writing, Bitcoin is trading around $105,200, down over 2% in the last seven days.
