According to data from the firm that analyzes on-chain transactions Santiment the various Bitcoin holders groups have been displaying significant accumulation lately. The key indicator in this case refers to”BTC Supply Distribution. “BTC Supply Distribution,” which shows us which wallets on the network hold what proportion from the overall supply currently.
The groups of wallets here are a reference to ranges that indicate both the lower and upper limits for the amount of money that each wallet of the same group is holding. For example, the 1-10 coin band is comprised of every wallet that is holding at least 1 BTC and, at the most, 10 BTC currently.
The Supply Distribution measure for this group will show the proportion from the entire Bitcoin supply which the accounts of all wallets that fall within this category currently.
In relation to the current debate there are three wallet categories that are worth a look: 10-100 coins 100-1,000 coins, as well as 1,000-10,000 coins.
As shown in the graph above, percent that is the Bitcoin supply that is held by the 10-100 coin band has been growing over the past 10 weeks or more. People who have balances within the range of this are often referred to as ” sharks.” In this latest period of massive accumulation, the sharks have added the sum of 105,600 BTC to their accounts to date.
The 100-1,000 coin band began growing a little more than the others in that their holdings witnessed an increase of 67,000 BTC over the past eight weeks. Investors in this category generally are tiny whales and constitute a significant portion of BTC market.
The latest rise in the value of the cryptocurrency (where BTC has already touched the $21,000 mark) was triggered by the massive accumulation of the two groups It is likely that the buying they made has helped to build a foundation for it.
The group of 1,000 to 10,000 coins that includes the massive whales, is an important segment of Bitcoin However, these massive holders were selling, while different groups had been busy collecting.
In the last few days the huge whales have reversed their course and are buying, as their holdings have increased up to 37100 BTC. This accumulation is the reason that Bitcoin has been able to achieve an impressive and rapid rise from higher levels earlier.
With the various segments of the market gathering at the same time the signs are looking good for the current market rally. But, the 1,000-10,000 coin category could be the one to keep an eye on because things could take a swift downwards turn if these huge whales are able to re-release their coins.
As of the writing time, Bitcoin is trading around $20,800, an increase of 20% over the past week.