The number of Bitcoin whales is rising despite the overall negative sentiment in the market.
The number of wallets containing 10 or more Bitcoin, nowadays known as whales, has reached a new high, showing strong confidence in Bitcoin’s long-term value despite the current, short term price fluctuations.
The future is bright
Blockchain analytics firm Santiment reports that the number of big Bitcoin holdings is at its highest since 2022, and they think this trend shows that major investors are strategically increasing their positions in Bitcoin, waiting for a rally.
The data reveals that wallets with 10 or more Bitcoin now control 82% of the total available supply, and the common view is that this shows strong faith in Bitcoin’s long-term potential.
Number go up
Santiment also noted that Bitcoin’s value has increased by over 226% since February 2022, and the firm highlighted that wallets holding 10 or more Bitcoin have returned to levels seen two years ago, despite numerous changes in the market, including the collapse of FTX in 2022, which started the so called crypto winter.
The growing number of major Bitcoin holders count as good news as these whales often influence market dynamics, particularly in terms of price stability and liquidity, but in some cases the critics talking about market manipulation, but no one can verify that.
Their increased accumulation of Bitcoin shows optimism and potentially lead to further price growth, as they are active on the buyer side.
Whales aren’t infallible
While the rise in whale holdings is typically seen as a positive signal for price, some analysts argue the picture isn’t that clear.
TOBTC, a trading platform, shared views from several analysts who believe that tracking the movements of major Bitcoin investors is often overhyped on social media, as they aren’t infallible at all.
These analysts caution that whale movements are frequently misunderstood, misinterpreted, and not a reliable indicator of market trends. And they’re probably right.
They warn against making market predictions based solely on whale metrics, noting that these data points can be noisy and are often used to generate social media engagement, not for real analysis.
