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The data in the chain show that bitcoin whales have seen their population grow recently, despite the bearish action that the price has been facing.
bitcoin whales have seen remarkable growth in the last five weeks
According to the data of the analysis company in the chain <a target="_blank" href="https://x.com/santimentfeed/status/1906790953534521689″ target=”_blank” rel=”nofollow”>Singularbitcoin's wallets the size of a whale have recently risen to their highest point since last December.
The relevance indicator here is the “supply distribution”, which tells us, among other things, the number of wallets that belong to a particular currency range. The value of the metric for the range of 1 to 10 currencies, for example, represents the number of investors or addresses that have between 1 and 10 tokens.
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In the context of the current topic, the interest range is 1,000 to 10,000 coins. Investors of this size ($ 84.2 million to $ 842 million in terms of USD) are popularly known as whales.
Due to the massive scale of their holdings, these investors may have a certain degree of influence in the market. Naturally, each of them on their own may not be relevant to cryptocurrency, but the group as a whole can be. Supply distribution helps to track exactly this collective behavior.
Now, here is the table shared by the analysis firm that shows the tendency in the bitcoin supply distribution for the group of 1,000 to 10,000 coins in recent months:
As shown in the previous graph, bitcoin's supply distribution for whales observed a fall along with the December price peak, which implies a large number of these huge investors left the market.
The same pattern was also witnessed during the top of January, although on a much smaller scale. This would indicate that the sale of whales once again obstructed the btc rally.
During most February, the metric was consolidated to its minimums, but from the last week of the month, its value began to increase. The increase continued throughout March and today, there are 1,993 addresses to the size of a whale on the network, the highest level from the top of December.
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From the painting, it is visible that this growth in whale entities has emerged, while bitcoin has been fighting around its minimums, a potential signal that great money investors have been watching recent prices levels as profitable entry points in cryptocurrency.
“There are many factors that contribute to polarizing cryptography markets at this time, but it can be taken as a slight sign of confidence that one of the most important key levels of stakeholders in cryptocurrency has grown by +2.6% only in the last five weeks,” says Santiment.
Now it remains to be seen if this purchase of the Bitcoins whales will be worth it or not.
btc price
bitcoin has continued its lateral movement, since its price is still stuck at the level of $ 84,000.
Image of Dall-E features, Santiment.net, TrainingView.com graphics
(Tagstotranslate) bitcoin
