Bitcoin Whale Addresses Are Rising Sharply

Large Bitcoin (BTC) addresses have jumped significantly since the start of September 2021. According to the latest data published by Santiment, BTC addresses holding between 100 and 1,000 coins increased by approximately 2% in the last 5 weeks.

254 more Bitcoin millionaire accounts now exist compared to the start of September 2021. One of the major reasons behind that is the rising institutional interest. Large institutional investors have started accumulating Bitcoin in substantial amounts during its recent bull run.

“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,” Santiment mentioned in a recent Tweet.

Bitcoin’s address activity has also increased significantly due to its recent bullish rally. In October 2021, the total number of active BTC addresses reached the level of 179,000 per day. Long-term BTC holders now own approximately 80% of the circulating BTC supply.

Bitcoin Whale Movements

With BTC’s latest price surge above $62,000, its whale activity has also increased. According to Whale Alert, BTC whales moved nearly 1,700 coins from Coinbase in the last 24 hours. The mentioned transfers were made in three separate transactions. In the first transfer, a Bitcoin whale account moved 645 coins worth over $38 million from Coinbase to an unknown wallet on Sunday 17 October at 21:33 UTC. In the second transaction, 515 Bitcoin worth more than $32 million were moved from Coinbase to cryptocurrency exchange Binance.

In the last transfer, 525 coins were moved from Coinbase to Binance. The total value of the mentioned three transfers stands at around $100 million. Historically, Bitcoin network activity including the movement from its whale accounts played an important role in the overall price growth of the world’s largest digital asset. The latest surge in whale transfers indicates that large BTC holders are confident about its price growth.

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