Whale Wallets Holding at Least 10 BTC Reach 16.16M as of June 16

UTC by staff writer · 3 min read
Whale Wallets Holding at Least 10 BTC Reach 16.16M as of June 16
Photo: Depositphotos

Favorable regulatory changes, such as the approval of spot Bitcoin ETFs, have contributed a lot to fueling this trend.

The number of wallets holding 10 or more Bitcoin (BTC) has hit 16.16 million as of June 16. Whales with over 10 BTC now collectively hold 82% of the supply. This milestone shows growing confidence among large investors in Bitcoin, especially given the market changes over the past two years.

Analysts have noticed these trends, suggesting that the accumulation of whale wallets could signal a bullish outlook for Bitcoin.

Rising Market Value

Data analytics firm Santiment, in a tweet shared today on their official handle, revealed that the number of whales holding 10 or more BTC, is now at the same levels as June 2021. Over this period, Bitcoin’s market value has increased by 226%.

Whale Wallets Holding at Least 10 BTC Reach 16.16M as of June 16

Photo: Santiment / X

 

The amount of Bitcoin held on exchanges has decreased to its lowest point since December 2021. Whale investors often prefer to custody their assets for long-term storage. While Ethereum and Tether are seeing an increase in exchange holdings, the overall risk of a sell-off in the crypto market is reduced when Bitcoin’s available supply for sale is constrained. These market conditions further boost investor confidence.

Bitcoin price has recovered well amidst this trend. The cryptocurrency experienced a consistent decline starting on October 1, 2021, when it hit the $61,000 mark. A short-lived upward trend from January to March 2022 saw it rise to $45,000, but it subsequently fell to below $17,000 by December 1, 2022, and struggled to recover for the better part of 2023.

This year, Bitcoin price gained significant momentum, reaching a new all-time high. There is still some notable volatility, but Bitcoin has consistently crossed the $70,000 mark.

Favorable regulatory changes, such as the approval of spot Bitcoin ETFs, have contributed a lot to fueling this trend. ETF  has increased both institutional and retail interest and investment in Bitcoin, further boosting confidence among large investors.

Impact of FTX Collapse

The tweet by Santiment also revealed that the collapse of FTX in November 2022 had significantly impacted the market. Analysts believe FTX was keeping cryptocurrency prices low in the second half of 2022. During the FTX trial, a startling revelation emerged from Caroline Ellison, former CEO of FTX-linked Alameda Research, involving allegations of Bitcoin’s price manipulation.

Ellison’s testimony indicated that Sam Bankman-Fried (SBF) actively attempted to sell Bitcoin to keep its price below $20,000. However, at that time, FTX’s influence was not substantial enough to dominate the market for Bitcoin, which had a market cap of several hundred billion dollars.

Still, this price manipulation attempt could have had significant implications for the cryptocurrency market and the price of Bitcoin. Santiment noted that since FTX collapsed, there’s been a clear link between the number of whale wallets and Bitcoin’s market value.

Bitcoin News, Cryptocurrency News, News
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