Bitcoin Whales Surge with 813% Growth, Holding 9.3% of Total Supply

[17/10/2024]
New Bitcoin whales hold 1.97 million BTC, valued at $132 billion, controlling 9.3% of the total Bitcoin supply. These whales accumulated aggressively, with their balance increasing by 813% in 2024, significantly influencing the market. Market analysts suggest that the whales’ activity could impact Bitcoin’s price trajectory, especially if large sales occur.

New Bitcoin whales hold 1.97 million BTC, at $132 billion, controlling 9.3% of total Bitcoin. These whales have been accumulating aggressively, increasing their numbers by 813 % by 2024, significantly influencing theMarket analysts suggest that whale activity may impact the price trajectory especially if significant selling occurs.Notable news is emerging from the Bitcoin space, revealing the activity of large investors. A closer look shows that the influx of Bitcoin news with huge volumes of cryptocurrency matters the market.

Institutional Whales currently own almost 2 million bitcoins.

According to recent data from CryptoQuant CEO Ki Ju, these new Bitcoin whales now own 1.97 million BTC. Each whale owns over a thousand BTC and its digital assets mainly in exchange-traded funds and custodial wallets. They are likely operated by large investors or other parties such as depository institutions. Moreover, the whales’ holding duration is with an average of less than 155 days, so we can say that these big investors have entered the market recently.

Aggressive Bitcoin Accumulation Surges

Despite only holding their assets for five years, these whales have accumulated bitcoins at a rate. Their collective balance jumped by 813% in 2024, reflecting aggressive buying behavior. Market analysts believe that the recent Bitcoin dump by the German government may have contributed to the increase in whale acquisitions. These whales hold 1.97 million BTC, which is worth $132 billion, or 9.3% of Bitcoin's supply. These entities control a large percentage of this market, thus having a fairly strict control over fluctuations in the. Currently, Bitcoin is at $67,820 per day although the cryptocurrency hit the psychological high of $68,000 earlier. Even though adjustments are made on the impact of the crypto asset on the trade on Bitcoins price, investors continue to adopt a positive attitude. Evaluating the market expectations, numerous market participants expect even higher prices in the future if the current trend persists. However, as with any mass effect, experts warn that if these whales decided to cash in, there could be a huge crash.

  

Sophie Nguyen