Bitcoin whales have accumulated over $2.200 billion this week as BTC continues to flow out of exchanges and the number of addresses holding over 100.000 BTC continues to rise.
Although the price of Bitcoin (BTC), the mother of all cryptocurrencies, of the market, it continues to hover around $33.000 per unit, several of its metrics have skyrocketed in the last week.
Anthony Pompliano, known as one of the biggest proponents of Bitcoin, published a report with metrics and data from crypto analyst Will Clemente, who revealed some of the most interesting developments Bitcoin has seen in the past week.
Clemente points out that the supply of bitcoins in the market continues to be accumulated by entities, investors or "whales" with little sales history. At the close of the report, the crypto analyst noted that the Bitcoin blockchain saw the birth of 17 new whales this week, and in total, these entities accumulate value by 64.429 BTC, valued at around $2.200 billion.
Likewise, Clemente highlighted that the number of bitcoins that have left the exchanges is close to 17.800 BTC this week, as the number of users on the network grew to a 2-year high.
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Bitcoin users set daily record
The number of new active users on the Bitcoin network is growing significantly every day, marking new all-time highs, Will Clemente’s report notes. First, the crypto analyst shows that the network is seeing the entry of close to 50.000 new users or entities per day, citing data from GlassNode.
Source: The Pomp Letter
On the other hand, Clemente shows that the whales that have been buying the most bitcoins in the last week are those with an accumulation of 1.000 BTC to 10.000 BTC.
Billionaire whales dominate 3,6% of the market
The analysis firm Saintment The firm also notes that the number of whales holding over 100.000 BTC hit a 2-year high recently, accumulating around 3,6% of the current Bitcoin supply on the markets. The firm also noted that despite the accumulation of whales holding less than 100.000 BTC, they are at historic lows and currently account for around 10,9% of the Bitcoin circulation on the markets.
By mid-June, whales holding bitcoins between 100 BTC and 10.000 BTC had been accumulating close to 90.000 BTC per month, gathering a total of 9.110.000 BTC. This amount, valued at over $366.890 billion at the time, represented 48,7% of the total Bitcoin supply on the market.
Bitcoin addresses or wallets that move large amounts of the cryptocurrency are known as “whales.” BTC addresses can belong to users, institutions, or be multi-signature, with several signers and owners. Although there is no defined limit for the amount of bitcoins in accumulation, if a BTC address collects between 1.000 BTC and 5.000 BTC, it is generally known as a “whale”; while an address that moves or “HOLDee” more than 5.000 BTC is known as a “Humpback” or “humpback whale,” which is the largest species in aquatic ecosystems.
Other marine animals, such as “fish” and “shrimp,” are also used to define, in some way, Bitcoin holders according to the amount of coins they possess on the network, he explained. CryptoManiaks in your Twitter account.
Institutions, hash rate and Bitcoin
On the other hand, the analyst notes that institutional Bitcoin players have also been accumulating bitcoins this week and have maintained a fairly low spending behavior.
El hash rate Bitcoin's hash rate will also continue to rise slightly this week, the analyst notes. The network's hash rate may have found a momentary bottom and is preparing for a more significant recovery. The data from Blockchain.com show that by July 2nd the network hash rate dropped to 84,7 EH/s. However, it has since been recovering and is currently at XNUMX EH/s. 93,8 PE/s at the time of writing; a 10% growth in the last week.
At the time of writing this note, BTC is trading at a value of $34.080 per unit.
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