Bitcoin wallets holding 100 BTC or more have reached a 17-month high, with over 283 wallets surpassing the threshold in August alone, according to data from blockchain analytics firm Santiment. This brings the total number of such wallets to 16,120, the highest level since early 2023. The surge in whale wallets comes as Bitcoin’s price has experienced a significant drop, prompting whales to accumulate more BTC. Even wallets holding at least 10 Bitcoins, known as “sharks,” have increased their holdings, collectively accumulating over 133,000 BTC in the last 30 days, valued at more than $7.6 billion.
Adam Back, CEO of Blockstream, 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, purchasing 450 BTC per day. Smaller traders may be offloading their holdings due to price drops, which whales are eagerly absorbing. Crypto analyst Axel Adler Jr expressed concern that if the selling pressure continues, the number of people willing to sell coins at a loss could double. The Crypto Fear and Greed Index, currently at 26, indicates a state of “Fear,” with more fear days recorded in August than greed.
There are 85,400 crypto millionaires worldwide, marking a 111% increase from the past year. Additionally, there has been a 95% increase in individuals holding over $1 million in cryptos, with around 172,300 individuals globally being crypto millionaires. The ranks of the crypto-rich have expanded up the wealth ladder, with 325 crypto “centi-millionaires” and six new crypto billionaires emerging in the last year. Changpeng Zhao, the founder of Binance, continues to top Forbes’ list of the richest crypto billionaires, with an estimated net worth of $33 billion.
In conclusion, the recent surge in Bitcoin whale wallets and the increasing number of crypto millionaires and billionaires indicate a growing interest and investment in the cryptocurrency market, despite recent price fluctuations. The accumulation trend among whales and sharks suggests that large holders are confident in the long-term value of Bitcoin, while smaller traders may be experiencing pressure to sell due to market conditions. As market sentiment remains in fear territory, it will be interesting to see how the dynamics between whale and retail traders evolve in the coming months.
