Diar: Bitcoin Whales Bought he Dip, Accumulated BTC Waiting For A New Bull Run Return
Bitcoin Whales Accumulate Bitcoin Waiting For A New Bull Run
Bitcoin (BTC) has been in a bull trend during the last few months that was apparently triggered by large buyers that didn’t want to miss the opportunity to purchase Bitcoin under $8,000. According to a report released by Diar, 26% of the current supply of Bitcoin is currently stored in addresses that have a balance between 1,000 and 10,000 BTC. Back in August 2018, these addresses held under 20% of the total Bitcoin supply.
Bitcoin Whales Bought The Dip
Diar explains that it is also possible to see an increase in the 1-10k Bitcoin address bracket in December 2018 because Coinbase, one of the largest crypto platforms and exchanges in the market, decided to move 5% of the supply into new cold storage security facilities.
The number of Bitcoin that these addresses now own surged during the recent bottom of $3,200 in December 2018. After that moment, Bitcoin accumulation has seen over 1.2 million added to these addresses, representing the largest increase among all the other address groupings.
These addresses now have $6 billion more after excluding the funds that Coinbase added to their new cold wallet. Since 2019 started, 100,000 BTC were able to move to this group of addresses. Although this accounts for 40% of the newly created Bitcoins this year, there has been also a 10% increase in the number of new addresses.
At the same time, these large addresses were able to gather half of the new market supply since January 2018, when the bear market started for Bitcoin and digital assets. This is equal to around 477,000 BTC.
Meanwhile, retail size wallets that have under 100 BTC have also seen a 126k increase in Bitcoins. These addresses currently hold 38% of all the Bitcoin circulating supply. Although there are many bullish individuals for Bitcoin, Diar claims that this has not been the driving cause of the recent price increases in the market.
Finally, there has been an exodus from wallets held by exchanges that moved 300,000 BTC since the beginning of 2018. They were able to hold 21% of the total Bitcoin supply when now they hold just 16% of the total Bitcoin supply.