Major Players in Bitcoin Market Acquired Nearly a Tenth of Total Bitcoin Assets Over the Last Four Months
In the world of cryptocurrency, the past few months have seen a significant shift in the behaviour of Bitcoin whales, as they accumulate Bitcoin while also diversifying their portfolios.
According to Santiment, a leading crypto market analytics platform, Bitcoin whales holding between 10 and 10,000 BTC have collectively accumulated 0.9% of the total supply over the past four months. This accumulation reflects a long-term market optimism during a phase of price consolidation around $118,000–$120,000.
However, this accumulation isn't solely focused on Bitcoin. Over the same period, some whales have partially taken profits and shifted capital into other cryptocurrencies such as Ethereum. This shift includes a strategic expansion by some whales into altcoins, indicating both caution and long-term confidence.
Bitget COO Vugar Usi Zade and Santiment analytics detail that some whales are reallocating resources from Bitcoin to promising new projects and altcoins beyond Ethereum, including emerging tokens like BlockchainFX, which has gained strong whale interest due to its growth potential and DeFi features.
This broader diversification suggests whales are positioning to capitalize on multiple sectors within the crypto ecosystem, not solely Bitcoin. Zade also mentioned an increase in investment in certain meme coins like PEPE and WIF, indicating diversification into high-alpha plays.
Meanwhile, large singular transactions by historic Bitcoin whales, such as a recent $9 billion BTC sale by a Satoshi-era wallet, demonstrate that some whales are securing profits or rebalancing portfolios amidst this accumulation and expansion phase. Yet, such moves have so far had limited lasting impact on overall market consolidation, which remains relatively stable.
At the time of writing, Bitcoin is trading at $118,556. The total crypto market capitalization did rise above $4 trillion on July 27, but it has since lost some steam and is now $3.44 trillion, virtually unchanged from a week ago.
The prediction market and engagement platform, Myriad, developed by Dastan, parent company of an editorially independent Decrypt, has seen its odds flip a few times as users wager on whether Bitcoin will be above $119,000 by August 1. At the time of writing, detractors outnumber the optimists 55% to 45% in the Myriad Market.
Despite these fluctuations, the consensus among whales seems to be one of optimism and strategic diversification. Remaining Bitcoin investors are still holding strong unrealized profits, with over $1.4 trillion in paper gains, according to Glassnode analysts.
Bitget's Zade predicted that the total crypto market capitalization would renew its push towards $4 trillion in the third quarter. As the market continues to evolve, it will be interesting to see how these trends develop and whether the predictions prove accurate.
- Bitcoin whales, in the crypto market, have accumulated 0.9% of Bitcoin's total supply over the past four months, as revealed by Santiment, a leading crypto market analytics platform.
- These whales are not exclusively focusing on Bitcoin; they have shifted some capital into other cryptocurrencies like Ethereum and even emerging tokens such as BlockchainFX, due to its growth potential and DeFi features.
- Some whales are also reallocating resources from Bitcoin to promising new projects and altcoins beyond Ethereum, as suggested by Bitget COO Vugar Usi Zade and Santiment analytics.
- Zade also mentioned an increase in investment in certain meme coins like PEPE and WIF, indicating diversification into high-alpha plays by these whales.
- The historic Bitcoin whales, such as the one that recently executed a $9 billion BTC sale, are securing profits or rebalancing portfolios amidst this accumulation and expansion phase.
- The total crypto market capitalization, which rose above $4 trillion on July 27, has since lost some steam and is now $3.44 trillion, virtually unchanged from a week ago.
- Despite these market fluctuations, the prediction market and engagement platform, Myriad, developed by Dastan, has seen its odds flip a few times as users wager on whether Bitcoin will be above $119,000 by August 1, with detractors currently outnumbering the optimists 55% to 45% in the Myriad Market.
