CandleFocus 1.97 Million BTC Held by New Bitcoin Whales: Details
2024-10-16
Author: Content Editor
Recently, analysis of Bitcoin whales' activities has revealed interesting details about the current state of the Bitcoin ecosystem. New whales, institutional investors or custodians, now hold 1.97 million Bitcoin, with each whale possessing over 1,000 BTC in exchange-traded funds and custodial wallets. These whales have an average holding period of around 155 days, indicating they have been in the market for about five months. Despite this relatively short time frame, these whales have been aggressively accumulating Bitcoin, leading to an 813% surge in their balance sheet year-to-date. The total value of Bitcoin held by these whales is approximately $132 billion, with their holdings representing 9.3% of the total Bitcoin supply. It is speculated that the German government's offloading of Bitcoin may have presented an opportunity for these whales to accumulate. The market is closely watching these whales' actions, as any significant selling could have a potentially negative impact on the broader market.
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