What Happened: Data from on-chain analytics provider Santiment showed that Bitcoin’s largest holders had been steadily accumulating Bitcoin BTC/USD after buying 90,000 more bitcoins over the past 25 days.
According to Santiment, these whales belong to the “millionaire tier” of Bitcoin holders and now hold a total of 9.11 million bitcoins worth $367 billion.
With these whales holding such a large quantity of the leading crypto asset, a more interesting revelation is that they currently hold 48.7% of the total Bitcoin supply.
However, some of these addresses with large quantities of Bitcoin may be exchanges maintaining their reserves or miners opting to hold on to their mined coins anticipating future price appreciation.
As on-chain analytics platform Glassnode pointed out in a blog post earlier this year, “not all Bitcoin addresses should be treated equal.
”On the other end of the spectrum, newer retail investors remained cautious about the short-term outlook for the crypto market.
In the latest edition of its weekly newsletter, Glassnode said traders and short-term holders are the most likely to generate sell pressure.
“Trading volume on futures has been similarly muted, particularly relative to the $120B in volume that occurred during the capitulation event in May,” said the on-chain analysts.
“It certainly appears that traders in derivatives markets are unsure about the macro market direction and thus keeping leverage levels and volume relatively low.”
Price Action: Bitcoin was trading at $36,506 at the time of writing.
The leading cryptocurrency represented 45.25% of the crypto market with a trading volume of over $36 billion over the past 24-hours.
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