Based on data released by Santiment, the group of Bitcoin whale investors who own BTC holdings of between 100 and 1,000 BTC have increased significantly before Bitcoin returned to previously enjoyed highs. More than 250 whale gangs have appeared in the network since Sept. 11.
The increase in the number of Bitcoin whale gangs is also followed by an increase in the ever -increasing flow of exchange. While traders and investors divert funds from the exchange, they have no choice but to keep them in their wallets. Thus there is an increase in the number of BItcoin holders who achieve ‘new rich man’ status.
🐳 The number of #Bitcoin addresses holding between 100 to 1,000 $ BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period. https://t.co/Lhv4qz4QoG pic.twitter.com/7xvmhBnCiS
- Santiment (@santimentfeed) October 17, 2021
It can be said that the increase in the number of BTC holders can be attributed to the increase in the total market value of Bitcoin which is increasing rapidly and significantly. The current price action was followed by 40%growth, which attracted the attention of institutional and retail investors.
In addition, the increase in popularity in the crypto market among the general public was also driven by news of ETF approvals. There is a probability that the market will see a substantial inflow of funds soon after the ETF is approved.
Based on data from Santiment, the majority of whale groups maintained their holdings during the market correction. The current increase in this whale gang is the fastest compared to other periods.
