Bitcoin whales have taken good advantage of the Bitcoin dip to strengthen their positions in the cryptocurrency.
According to recent statistics from Santiment, the number of Bitcoin wallets holding between 100 and 10,000 coins is at a record high of over 15,800, showing the confidence of large holders in a better future.
This suggests significant growth in just two months. These addresses are worth between $2.3 million and $233 million at the current market price.
Whales betting on the long term?
According to Glassnode, investors seem to be less interested in making deposits with exchanges. This indicates that a large number of BTC whales are not moving their holdings to exchanges for trading. It also means that investors are more committed to holding their assets for the long term.
The 7-day moving average of Bitcoin exchange deposits has fallen to a 2-year low.
This comes at a time when the price of Bitcoin seems to be regaining strength after months in the red.
The continued use of Bitcoin by various economic sectors and its growing popularity as a form of payment on a global scale both contribute to its strength.
In essence, an increase in the number of addresses holding significant amounts of Bitcoins and a sharp decline in exchange deposits may indicate that whales are actively buying and moving their holdings off exchanges. In essence, this may be a sign that these whales are choosing to hodl in anticipation of a strong rise ahead.
At the time of writing, Bitcoin price is $22 003,25 USD with a 24-hour trading volume of $29 254 947 998 USD. Bitcoin is down 5,87% in the last 24 hours. The current market cap of $420 822 915 189 USD. It has a circulating supply of 19 125 493 BTC coins and a max.