Bitcoin Whale Wallets Reach 17-Month Peak as Sharks Continue to Accumulate BTC

The number of Bitcoin wallets containing 100 BTC or more has recently reached a 17-month high, per Cointelegraph, following a jump in hodling over the past month.

The number of Bitcoin wallets holding 100 or more BTC has surged to a 17-month high, indicating growing interest from large-scale investors amid market uncertainty.

Bitcoin Whale Wallets Reach 17-Month Peak

The number of Bitcoin wallets containing 100 BTC or more has recently reached a 17-month high, following a jump in hodling over the past month.

According to data revealed in an Aug. 31 post by blockchain analytics firm Santiment, more than 283 wallets were able to surpass the 100 Bitcoin milestone in August.

Bitcoin whales are multiplying as retail traders' disappointment with cryptocurrency prices mounts. The number of wallets holding 100 BTC or more increased by 283 in just one month, Santiment noted.

“With 16,120 wallets now live on the network, we've hit a 17-month high.”

Sharks Continue to Accumulate Bitcoin

Meanwhile, Santiment also highlighted that "sharks," or wallets with 10 Bitcoin or more, have been accumulating even larger amounts of the cryptocurrency.

In total, the blockchain analytics platform calculates that these 10–10,000 BTC wallets have acquired around 133,000 coins over the past 30 days—a combined value of roughly $7.6 billion.

Blockstream CEO and Hashcash creator Adam Back observed that whales have been buying Bitcoin at an average rate of about $58,000 per coin since the price dropped from above $62,000 on August 28.

Daily Whale Purchases Equal Bitcoin Mining Output

Whales have been buying 450 BTC every day since the 28th, minute by minute, around the clock. Same as the amount of Bitcoin mined each day. He ordered the grain to be sold at a low price.

The uptick in whale activity is being driven by "smaller traders" who "continue to impatiently sell their holdings to them," according to Santiment.

Smaller Traders Pressure to Sell Amid Market Drop

In a Sep. 1 post, crypto expert and CryptoQuant contributor Axel Adler Jr. suggested that smaller traders may be feeling pressure to sell if the price drops below their entry point.

The indicator has never fallen below 17% during this bull market, even though it is currently -8%. “If it continues to decrease, there could be 2x the amount of people preparing to sell coins for a loss,” he noted.

At the time of writing on Sep. 2, the Crypto Fear & Greed Index, which measures sentiment in the cryptocurrency market, was at 26. With an average score of 37, the index indicated more days of fear than greed throughout August.

Market Awaits Bitcoin Rally Amid Whale Activity

Nonetheless, the market may be reacting favorably to the increased whale activity, according to Bitgrow Lab CEO Vivek Sen.

He noted that in the past, large-scale purchases by whales have often preceded Bitcoin reaching new all-time highs.

“When whales bought a lot of Bitcoin, it went to a new all-time high,” said Sen.

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