The number of huge whales holding the largest crypto by market cap, Bitcoin (BTC), is on the rise, according to the crypto analytics firm Santiment.
Santiment notes that the number of Bitcoin whale addresses holding between 10,000-100,000 BTC ($190,000,000-$1,900,000,000) have reached their highest level since February 2021, as have addresses holding between 10-100 BTC ($190,000-$1,900,000).
“As the number of addresses on a network rise, utility should follow suit.”
The analytics firm also notes that Bitcoin addresses holding between 0.1 and 10 BTC now hold 15.9% of the crypto asset’s available supply, an all-time high.
Conversely, smaller whales holding between 100 and 10,000 BTC only control 45.6% of Bitcoin’s available supply, the lowest level since June 2019.
Santiment also adds that stablecoin market caps have reached their lowest level since last December.
Additionally, Santiment notes that Bitcoin has been flying off exchanges.
“Bitcoin saw a massive surge of coins moving off of exchanges yesterday, its largest daily amount (40,572 BTC) in 4 months. The supply of coins on exchanges is down to 8.48%. As exchange supply decreases, it de-risks chances of a future sell-off.”
Bitcoin is trading at $19,219 at time of writing and has been crawling sideways since mid-June. The top-ranked crypto asset by market cap is down 0.05% in the past 24 hours, up more than 0.37% in the past week, and down nearly 1.7% in the past month.
BTC also remains more than 72% down from its all-time high of more than $69,000, which it hit last November.
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