Categories: Bitcoin News News

Bitcoin (BTC) Whale Accumulation Continues, Millionaire-Tier Holds ~50% of Total Supply

Before its recent move above $40,000, Bitcoin (BTC) has been consolidating for a while in the $30K range. While many retail investors remained skeptical over the last few weeks, the BTC whales have been squeezing the supply silently.

As per data on Santiment, Bitcoin ‘millionaire-tier’ addresses holding between 100-10,000 BTC have added a massive 90,000 Bitcoins just within the last 25 days. The Bitcoin holdings of this category of whales have reached a 7-month high taking the total holdings to 9.11 million. These Bitcoin whales hold around 50% of the total Bitcoin supply worth a massive $370 billion.

Courtesy: Santiment

On the other hand, data from Glassnode shows that Long-Term Holders (LTHs) continue to hold their Bitcoin supplies tightly. These long-term holders include buyers who purchased BTC 155 days before or before January 10, 2021. Thus, the rate of coins maturing during this timeframe has accelerated.

It means that large quantities of the BTC with the long-term holders were purchased in the early bull and remained unspent. The existing rate of maturation i.e. LTHs holding for more than 155 days, has shot up 100% to above $400K/month.

Courtesy: Glassnode

Global Economic Macros Supporting Bitcoin Accumulation

advertisement

Several hedge funds and billionaire investors are increasingly looking at Bitcoin with respect to the current macro-economic outlook. Recently, billionaire Paul Tudor Jones said that he holds 5% of his portfolio in Bitcoin.

The billionaire is keen on further increasing his holdings if the Federal Reserve doesn’t act upon the rising inflation and consumer prices. Tudor Jones said:

If they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade. If they say, ‘Were on [the] path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold.”

Moreover, as per the recent survey from Intertrsut Global, traditional hedge funds are willing to increase their BTC exposure over the next five years. It looks like the confidence for Bitcoin as a hedge asset among traditional investors is brewing up fast.

Intertrust Global surveyed the CFOs of nearly 100 hedge funds of which 98% showed interest in investing 7.2% of the total assets.

advertisement
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share

Recent Posts

  • guest post

How Are Cryptocurrencies regulated in Different Parts of the world

Digital currency is a relatively recent concept, and central banks around the world are still…

1 hour ago
  • Bitcoin News
  • News
  • Regulation News

$161.9 Billion AUM Asset Management Firm Launches Crypto Index Fund for US Investors

Victory Capital Holdings has announced the launch of its private crypto index fund, Victory Hashdex…

2 hours ago
  • Blockchain News
  • News

Robinhood ($HOOD) gets a taste of its own medicine, stocks halted after 65% surge

Robinhood, the fintech trading platform that also supports crypto trading faces a similar situation that…

2 hours ago
  • News
  • NFT News

How NFTs are changing the Luxury Fashion Industry?

Non-Fungible Tokens (NFTs) have gained raging popularity in just a few months. The trend has…

3 hours ago
  • Bitcoin News
  • Blockchain News
  • News

Breaking: Grayscale Appoints 20-Year ETF Veteran to Focus on its Bitcoin ETF Launch

Grayscale, the world's leading asset manager is quite focused on its goal of converting its…

4 hours ago
  • Press Release

PR: Zero Fees for Futures Trading on Cryptology

Cryptocurrency traders across Europe were left hanging as Binance announced it would be stopping all…

4 hours ago