Whales Hold 23.7% of the Total Bitcoin Supply

In December, major bitcoin addresses controlling more than 1,000 bitcoins chose not to trade in the market.

The whales chose a wait-and-see strategy, which led to the weakening of BTC volatility to a two-year low. According to Glassnode, the share of transactions worth more than $10 million in the network has decreased to 19%.

At the same time, analysts note that in early November last year, the share of such transactions was about 43%. A similar situation was observed at the turn of 2018-2019 and in the second half of 2020, when bitcoin reached fundamental values.

Santiment estimates that whale wallets now hold up to 23.7% of the total cryptocurrency supply (4.57 million BTC). Large investors resumed buying in early January.

In five days, addresses controlling between 1,000 and 10,000 coins increased their holdings by more than 20,000 BTC.

The activation of the whales provoked a rebound of the digital currency, which for the first time in three weeks exceeded $17,000. On Wednesday, Bitcoin strengthened to $17,456, its capitalization now stands at just over $336.183 billion.

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