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Data on the chain show that bitcoin whales were recently growing, despite the bears in which the price faces.
Bitcoin whales have recorded a significant raise in the last five weeks
According to data from an analytical company in a chain SingleThe Walnige Bitcoin wallets have recently climbed their highest point since December last year.
The indicator of meaning is the “distribution of supply”, which tells us, among others, the number of wallets belonging to a specific range of coins. For example, the value of the metric for the range of coins from 1 to 10 represents the number of investors or addresses with 1 to 10 tokens.
In the context of the current topic, the range of interest is from 1000 to 10,000 coins. Investors of this size (USD 84.2 million up to USD 842 million in USD conditions) are widely known as whales.
Due to the huge scale of their shares, these investors may have a certain degree of impact on the market. Of course, each of them may not be vital for cryptocurrency, but the group as a whole may be. The distribution of supplies helps to track this collective behavior carefully.
Now there is a chart divided by an analytical company, which shows the trend in the distribution of Bitcoin supply for a group from 1000 to 10,000 coins in the last few months:
As shown in the above chart, the distribution of Bitcoin supply for whales was observed by a decrease together with the December peak of price, which means a gigantic number of these huge investors left the market.
The same pattern was also a witness at the January peak, although on a much smaller scale. This would mean that sales from whales once again hindered the BTC rally.
Most of February, the record consolidated in its minima, but starting from the last week of the month, its value began to grow. The growth lasted throughout March and today, there is 1993 whale -size addresses on the web, the highest level from December.
It is perceptible from the map that this growth of whaling entities has come, while Bitcoin is fighting around their low, which is a potential sign that investors of gigantic money are looking for the last price levels as profitable points of entry into the cryptocurrency.
“There are many factors currently contributing to the polarization of cryptocurrency markets, but this can be considered small signs of certainty that one of the most important key levels of stakeholders in cryptocurrency has increased by +2.6% in the last five weeks,” notes Santiment.
Now it will turn out whether this purchase from Bitcoin whales will pay off or not.
BTC price
Bitcoin recently continued side movement because its price will still get stuck around USD 84,000.
Image of functions from Dall-E, Santiment.net, chart from tradingview.com
