Bitcoin Whale Wallets Reach 17-Month High As Prices Drop
The number of Bitcoin wallets holding 100 BTC or more has surged to a 17-month high amidst declining cryptocurrency prices
According to data from blockchain analytics firm Santiment, over 283 wallets surpassed the 100 Bitcoin threshold in August alone.
The increase brings the total number of such wallets to 16,120, the highest level since early 2023.
“As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just one month,” Santiment said in a post on X.
Sharks Also Increase BTC Holdings
The accumulation trend extends beyond just the largest holders.
Wallets holding at least 10 Bitcoins, often referred to as “sharks,” have also increased their holdings during this period.
Santiment’s data estimates that these wallets, which range between 10 and 10,000 Bitcoins, have collectively accumulated over 133,000 BTC in the last 30 days, valued at more than $7.6 billion.
Theuptick in whale activity is occurring as Bitcoin’s price has seen a significant drop.
Adam Back, CEO of Blockstream and the inventor of Hashcash, noted that since Bitcoin’s price fell from over $62,000 to around $58,000 on August 28, whales have been on a buying spree.
“Whales are back, buying 450 BTC per day every minute all day long since the dip on the 28th, same as Bitcoin mined per day. Go ahead, sell them cheap corn,” Back remarked.
Santiment suggests that smaller traders, facing price drops below their entry points, may be offloading their holdings, which whales are eagerly absorbing.
Crypto analyst and CryptoQuant contributor Axel Adler Jr speculated on September 1 that these traders might be feeling pressured to sell as the price continues to fall.
“In the current bull market, the metric has not fallen below 17%. The current figure is -8%. If it continues to decline, the number of people willing to sell coins at a loss could double,” Adler warned.
The Crypto Fear and Greed Index, a tool that measures market sentiment, currently sits at 26, indicating a state of “Fear.”
Throughout August, the index recorded more days in fear territory than in greed, with an average rating of 37.
Bitcoin Millionaires More Than Double
As reported, there are 85,400 crypto millionaires worldwide, which is a 111% increase from the past year.
Furthermore, there has been a 95% increase in individuals holding over $1 million in cryptos. Around 172,300 individuals globally are crypto millionaires.
Moreover, the ranks of the crypto-rich have grown all the way up the wealth ladder.
There are now 325 crypto “centi-millionaires”, people with more than $100 million in digital assets. This elite group increased its membership by 79%, now comprising 325 people.
Six new crypto billionaires were also minted in the last year, bringing the total number of nine-figure crypto holders to 28.
For the third consecutive year, Changpeng Zhao, the founder and former CEO of Binance, tops Forbes’ list of the richest crypto billionaires, with an estimated net worth of $33 billion.
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