The Bitcoin [BTC] whales are stocking up, with “millionaire” addresses accumulating around 90k Bitcoin worth $367 Bln over the past 25 days.
The accumulation was identified by cryptocurrency market data aggregator Santiment, which identified that wallets holding between 100 & 10,000 BTC – described by the corporate as “millionaire tier” addresses – are now the major segment of Bitcoin hodlers and presently account for 48.7% of Bitcoin’s supply.
The recent purchasing spree places the millionaire addresses at a 7-week high for the amount of Bitcoin held, with the addresses representing over 9.11 Mln BTC – down just a few percent from their mid-April high.
Miners also appear to be accumulating BTC, with on-chain analytics provider Glassnode identifying that weekly Bitcoin outflows from miner addresses slumped to a five-month low of roughly $1.7 Mln earlier on Wednesday.
Looking at the other end of the size from whales, Glassnode revealed that the share of supply represented by addresses holding less than 1 Bitcoin has doubled since December 2017 to compose roughly 5% of Bitcoin’s market capitalization.
While many whales, as well as miners, appear to be holding their coins in expectation of upper prices, transaction monitor Whale Alert has identified two transfers of roughly 5,000 BTC, or $200 Mln each, destined for Coinbase since Monday, suggesting a min of some large investors are looking to trade their BTC.