Bitcoin (BTC) struggled to build on its recent momentum over the past week, reflecting the bearish climate of the general market. However, the latest on-chain revelation suggests that investors continue to show significant faith in the premier cryptocurrency and its prospects.
According to a recent report from the blockchain data tracker Santiment, there has been considerable growth within a particular class of Bitcoin investors. The on-chain analytics platform highlighted that the number of shark and whale addresses holding at least 10 BTC has notably increased since early 2022.
The report disclosed that an additional 11,806 addresses hold more than 10 BTC, reflecting an 8.12% increase in the past 20 months. Based on data from Santiment, are currently 157,400 wallets holding at least 10 Bitcoin, surpassing its record high set in 2019.
Since February, 2022, there has been a historic rise in shark & whale wallets holding at least 10 $BTC. In the past 20 months, since this accumulation of new large wallets began, 11,806 more addresses have met this threshold, an 8.12% total increase. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n
— Santiment (@santimentfeed) October 13, 2023
Another recent Santiment report has strengthened the Bitcoin accumulation argument even more. The number of addresses holding between 100 and 1,000 BTC witnessed its largest spike in a single day since February 2022.
#Bitcoin‘s whale numbers had another huge accumulation day. 16 more wallets now hold between 100-1K $BTC, and they correlate with smaller wallets ‘graduating’ to the next tier. As key stakeholders grow, the argument for a #bullish future gets stronger. https://t.co/DOvRLpGspw pic.twitter.com/EQW8jZsTtn
— Santiment (@santimentfeed) October 14, 2023
The October 14 report revealed that 16 additional addresses 100 to 1,000 BTC. Sentiment noted that this particular scenario goes in tandem with the accumulation trend of smaller wallets (addresses with at least 10 BTC).
Ultimately, these significant on-chain developments indicate a steady accumulation of Bitcoin despite price fluctuations and market instability. Meanwhile, Santiment pointed out that the case for a bullish trajectory becomes more apparent as key Bitcoin investors grow.
As of this writing, Bitcoin is valued at $26,901, with negligible price movement in the past day. However, a broader look at the BTC price chart shows that the cryptocurrency has struggled in the past week.
According to data from CoinGecko, Bitcoin experienced a 3.7% price decline in the last seven days. After failing to breach the $28,000 mark, the premier cryptocurrency saw its price crash towards $26,500 for the first time in October.
Although news of the United States Securities and Exchange Commission (SEC) opting not to appeal the Grayscale decision might have relieved investors, Bitcoin’s price has barely capitalized on the positive development.
Nevertheless, most investors seem optimistic about the future of Bitcoin, especially with the approval of a spot exchange-traded fund (ETF) looking more likely than ever.
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