The number of crypto-wallets with each address showing at least 100 Bitcoins (Bitcoin-BTC) rose to a 17-month high amid its price decline, with data from blockchain analytics platform Santiment indicating that more than 283 wallets crossed the 100-currency BTC threshold in August alone, bringing the total number of such wallet titles to 16,120, the highest level since the beginning of 2023. Santiment’s X account (formerly Twitter) posted:
“While the wave of price declines has disappointed small investors, the number of Bitcoin whales has increased, and 283 new crypto wallets have emerged whose addresses show that their owners own 100 BTCs – or more – in just one month.”
Sharks also increase their Bitcoin holdings
The wave of Bitcoin accumulation was not limited to its large holders alone, but extended to include wallets with addresses between 10-10,000 BTC coins, whose owners are commonly referred to as “piasters”, as the titles of these wallets also witnessed the growth of their BTC balances during the same period, and Santiment data estimates that the holdings of these wallets combined exceeded 133,000 BTC coins – with a total value of more than $ 7.6 billion – during the last 30 days.
Adam Back, Blockstream CEO and creator of the Hashcash algorithm, pointed out that the price of Bitcoin fell after reaching levels above $62,000 to settle around $58,000 in August – when the whales began an expanded buying wave – by saying:
“The whales have returned to activity, and bitcoins have been bought at an average of 450 coins per day without stopping since their price dropped on August 28, the same rate as mining new BTC coins per day.
@bitfinex whales back buying 450btc/day every minute all day long, since dip on 28th. Same as bitcoin mined per day. go ahead sell them cheap corn pic.twitter.com/LcgMmaesh7
— Adam Back (@adam3us) August 30, 2024
Santiment analysis suggests that smaller traders who are currently suffering from Bitcoin’s price falling below their income levels are beginning to shed their stocks that whales rush to swallow with an open appetite, as cryptoQuant analyst and CryptoQuant shareholder Axel Adler Jr. predicted on September 1 that these traders may feel pressure to sell their holdings as the price continues to fall.
“During the recent bull market wave, the realized profit/loss measure was at least a 17% increase, but now it indicates an 8% decline, and if it continues to fall, the number of people wishing to sell their proceeds at a price below their purchase value could double.”
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The reading of the Fear and Greed Index, a tool for measuring general mood in the market, also indicates a mark of 26, indicating that the state of “fear” hangs over market participants, while its average reading during August reached 37, confirming that it remains for a long time within the zone of fear compared to the area of greed.
The number of Bitcoin millionaires more than doubles
A report indicated that there were 85,400 millionaire crypto investors worldwide, representing a 111% increase compared to last year, and a 95% increase in the number of individuals with cryptocurrencies worth more than $1 million to nearly 172,300 investors around the world. In the same context, the crypto-rich have risen to the wealth ladder, with 325 people now owning digital assets worth more than $100 million, up from 79%.
Six new crypto billionaires appeared last year, bringing the total number of cryptocurrency owners with billions worth to 28, led by Changpeng Zhao, Binance’s founder and former CEO, on Forbes’ list of the richest crypto billionaires for the third year in a row with an estimated net worth of $33 billion.
The post Bitcoin whale wallets hit 17-month highs in conjunction with wave of declines appeared first on Cryptonews Arabic.
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There are 85,400 millionaire crypto investors worldwide, representing a 111% increase compared to last year, and a 95% increase in the number of individuals owning
