The number of Bitcoin wallets holding 100 BTC or more has reached a 17-month high, according to blockchain analytics firm Santiment. In August alone, over 283 new wallets surpassed the 100 Bitcoin threshold, bringing the total to 16,120. This surge in high-net-worth Bitcoin holders occurs as cryptocurrency prices experience a significant decline.
Santiment highlights that the increase in "Bitcoin whales" is noteworthy given the broader downturn in crypto markets. As retail traders face losses, larger holders, or whales, are seizing the opportunity to accumulate more Bitcoin. This trend is further supported by data showing that wallets with at least 10 Bitcoins, known as "sharks," have collectively added over 133,000 BTC in the past month.
Blockstream CEO Adam Back observed that Bitcoin whales have been actively buying at a rate of 450 BTC per day since the price dip on August 28, when Bitcoin fell from over $62,000 to around $58,000. This buying spree contrasts with the selling pressure felt by smaller traders, who are reportedly offloading their holdings as prices drop below their entry points.
Crypto analyst Axel Adler Jr. warns that the continued price decline might pressure more traders to sell at a loss, potentially increasing the number of sellers. The Crypto Fear and Greed Index, currently at 26, reflects a state of market fear, with August recording more fear days than greed.
In related news, the ranks of crypto millionaires and billionaires have significantly expanded. There are now 85,400 crypto millionaires, a 111% increase from the previous year. Additionally, the number of individuals holding over $1 million in crypto assets has risen by 95%, totaling around 172,300. The elite group of crypto "centi-millionaires" has grown by 79%, reaching 325 individuals, while the number of crypto billionaires has increased to 28.
Changpeng Zhao, founder and former CEO of Binance, remains the richest crypto billionaire with an estimated net worth of $33 billion.
September 2024, Cryptoniteuae