99% Of Bitcoin Volume Is Managed By Whales And Institutions: Analysis

According to data from The Block, whales and institutions account for nearly the entirety of Bitcoin’s BTC/USD transaction volume.

What Happened: On Sunday, on-chain analysis shared by The Block revealed that 99.3% of Bitcoin’s total volume is managed by whales and institutions.

“Large transactions volume acts as a proxy to institutional and "whales" activity,” stated The Block in a tweet.

“The aggregate volume transferred in transactions of over $100k increased by a factor of 4 from an average of $450B per week in January to $1.9T in November.”

Another report from on-chain analytics platform Santiment shows that the number of Bitcoin addresses that hold between 100 and 1000 BTC has grown considerably in the last 10 weeks.

Price Action: At the time of writing, Bitcoin was trading at $45,922, down 2.6% in the last 24 hours. The leading digital asset had a trading volume of $31.0 billion and accounted for 40.6% of the crypto market.

Photo by Michael Förtsch on Unsplash