16 New Bitcoin (BTC) Addresses Appear in a Single Day - Crypto Whales on the Move

Since March 2022 there has been an 8.12 % increase in the number of Bitcoin wallets that hold at least 10 BTC.

Long term bitcoin holders own 69% of the total bitcoin circulating supply.

There is high Optimism among bitcoin investors in developing countries.

Keywords: Bitcoin whale addresses, bitcoin whales, BTC whale, Bitcoin price, bitcoin whales , crypto whale, BTC holders, BTC investors

Introduction

The price performance of cryptocurrencies was better in October than during the past few months. Ripple Labs’ victories against the SEC and the prospect of the approval of bitcoin (BTC) ETFs seem to have brought life into the cryptocurrency sector. For instance, there has been an increase in bitcoin whale activity during the month.

In this article, we explore the recent increase in bitcoin wallet addresses in a single day. We shall also look at the current optimism in bitcoin despite existing challenges.

Increase in the Number of Bitcoin Wallet Addresses

In recent days there has been an increase in bitcoin activity. Data on Santiment, a crypto analytic firm, shows that 16 new bitcoin wallet addresses were added within 24 hours that stretched from 13 to 14 October. That increase in addresses took place at the time the Bitcoin price had made several attempts to break the $27,000 resistance level.

According to Santiment that surge in bitcoin addresses involving bitcoin whales that hold between 100 and 1,000 BTC marks the highest level of such activity since 28 February 2022. As a result of these cohorts the total count of bitcoin wallet addresses is now 13,967. The following graph shows the changes in BTC whale wallet holdings.

Bitcoin Whales Addresses - Santiment

The other notable thing which the bitcoin whale addresses show is the progression of the smaller BTC wallets into a higher tier. Currently, there are 140,210 wallets that hold between 10 and 100 BTC.

More interestingly, since March 2022 there has been an 8.12% increase in wallets that hold at least 10 BTC. Specifically, during that period there have been 11,806 new BTC wallet addresses.

Investors can keep track of changes in the quantity of bitcoin that whales hold using whale s which publish updated data on notable BTC movements.

The increase in bitcoin wallets was not the only remarkable thing that occurred during the period between February 2022 and the present time. The long term BTC holders also increased their holdings. Per IntoTheBlock data, investors who have held their bitcoin for over one year own about 69% of the total circulating supply.

With much of the existing bitcoin in the hands of long-term holders (LTHs), the coin is now scarcer than before. According to Charles Edwards, the founder of a digital asset fund Capriole Investments, such a development is the first in the bitcoin’s life span and points to a high possibility of a strong bitcoin price surge in the near future.

Edwards wrote on X, “Topping the record set in 2015. Less liquid supply means the same people are bidding on less coins. You do the math.”

However, Edwards’ statistics, collected from Santiment, differs from that of IntoTheBlock as it shows that long-term BTC investors own 76.2% of the current circulating supply. The next graph gives the fuller details.

LTH as Percentage of Network – Edwards X

Edwards believes that there is a knock-out effect as bitcoin available to others is gradually decreasing.

Optimism Persists Amid Bitcoin Price Challenges

The trending reason for optimism among bitcoin holders is the prospect that the SEC may soon approve spot bitcoin ETFs. There are several large asset management firms like BlackRock and Grayscale that have applied for BTC ETFs.

A recent ruling by a federal judge that the SEC should review Grayscale spot bitcoin ETF application has been well-received by the cryptocurrency market. The bitcoin ETF will create greater exposure to bitcoin than before as traditional financial investors will indirectly trade the cryptocurrency.

CoinShares has also reported that many institutional investors are putting their funds in bitcoin since it is the number one cryptocurrency. In addition, a recent survey which Jack Dorsey’s Block, Inc. conducted shows that there is high adoption of bitcoin in developing countries.

According to the survey, people in developing countries view bitcoin as more than a speculative asset. To them, BTC is a symbol of financial freedom, an avenue to sidestep traditional financial institutions and a “tool” against economic instability.

Felipe Chacon, an economist at Block concur with these sentiments. He said, “This really illustrates the attention bitcoin’s receiving and its ability to serve as a global payments network, and that the more meaningful adoption of this network is beginning to take root in the Global South.”

Some of the countries that participated in the survey are Vietnam, Mexico, India, China, Nigeria, Argentina, and Brazil. Despite that optimism bitcoin is currently facing some challenges.

Challenges that Bitcoin is facing

Bitcoin, like many cryptocurrencies, is facing some challenges. First, there is a lack of regulatory clarity in many countries which is inhibiting its adoption.

Secondly, its price is still lower than the Covid-19 era one. In November 2021, for example, bitcoin reached $69,000. However, currently the bitcoin price is fluctuating between $30,000 and $35,000 as the next graph shows.

Bitcoin Price, October - CoinMarketCap

As seen on The Graph, since 24 October the price of bitcoin has been fluctuating between $33,000 and $35,000.

Conclusion

On 14 October 2023, Santiment reported that there were 16 BTC new wallet addresses that hold between 10 and 1,000 bitcoin. By that time long term BTC holders owned 69% of the current circulating supply. Basically, there is much optimism in the bitcoin market although there are also challenges such as the depressed price.

FAQs about Bitcoin

What is a whale in crypto?

A whale is a platform that collects and assesses prices of cryptocurrencies in real time and publishes the wallets that own large quantities of a token or coin. The general guideline is that a crypto wallet that holds a coin or token valued $100,000 or more is a crypto whale. A whale can also be defined as a digital wallet that holds at least 1% of the circulating supply of the cryptocurrency.

How can I track crypto whales?

You can track crypto whales by following platforms that publish data about the latest whale wallet addresses. You can also input a certain wallet address into a protocol that determines if it is a whale or not.

Is crypto controlled by whales?

In broad terms, whales do not control cryptocurrencies. However, they can influence prices of cryptocurrencies through their buying and selling activities. For example, if many whales sell a certain cryptocurrency its value may fall. On the other hand, if some whales buy large amounts of a cryptocurrency its price may rise.

How much BTC is considered a whale?

A bitcoin whale is a wallet that holds at least 100 bitcoin or BTC valued at $10 million and above. However, people may define bitcoin whales differently.

Why do whales dump bitcoin?

A whale may dump bitcoin if he/she feels that its price has risen to a level that can generate much profit. Some may sell off much bitcoin to force its price to fall. Others may dump bitcoin to raise money to acquire other trending cryptocurrencies.