The Whales are engaged in a $1.4 billion shopping spree.

On-chain data shows Bitcoin Whale has accumulated $1.4 billion in assets over the past two weeks, a sign that could be bullish for the coin.

Bitcoin Wheel added 70,000 BTC to its holdings in two weeks

As one analyst has pointed out. Twitter, BTC whales have been showing a bullish behavior lately. The relevant indicator here is “Bitcoin”. Distribution of supplies”which is a metric from on-chain analytics firm Santiment that tells us which wallet groups currently hold how much crypto in the market.

Wallets are divided into groups based on the total number of coins they hold. For example, the 10-100 coins group includes all wallets with a minimum balance of 10 and a maximum of 100 BTC. The supply distribution metric for that particular group will then show the combined number of coins that are currently in those wallets.

In the context of the subject matter under consideration, the wallet group of interest is the 1,000-10,000 coin group. Here is a chart showing the supply distribution trend for this Bitcoin cohort over the past month:

Bitcoin Wheel

The value of the metric seems to have observed some rise in recent days | Source: Ali on Twitter

The 1,000-10,000 coin wallet group is an important group for BTC because it contains addresses belonging to it. The wheel. Because the balances of these investors are very high (the lower and upper limits of the range change to $22.9 million and $229 million, respectively, at current exchange rates), the movements of this group can sometimes have a pronounced effect on the price of crypto. can

As can be seen in the graph above, the amount of Bitcoin held by whales was decreasing during December, suggesting that these large holders were selling their coins at that time. However, earlier this year, the metric came down and the group has since shown net. Accumulation behavior

Interestingly, when this purchase was made by the whale, the price of the crypto saw a huge boom. About five days ago, this BTC rally saw its first significant pullback and from the chart, it appears that these investors took part in some selling around it.

However, in the past few days, the 1,000-10,000 BTC wallet group has seen some buying again as their supply distribution curve has once again increased. After this latest rally, BTC has once again caught a sharp uptrend as the coin price has now risen to around $23,000.

In total, these whales have added $1.4 billion worth of coins to their holdings in the past two weeks, bringing their total holdings to 4.62 million BTC ($105.8 billion).

BTC price

At the time of writing, Bitcoin is trading around $22,900, up 10% over the past week.

Bitcoin price chart

Looks like the value of the crypto has been moving sideways just below the $23,000 level recently | Source: BTCUSD on TradingView

Featured image by Todd Cravens on Unsplash.com, Charts from TradingView.com, Santiment.net



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