Whales have continued to amass bitcoin. Current trend patterns indicate that bitcoin whales who possess 100 to 1,000 BTC are still highly positive on the digital asset’s future.
During the sluggish month of September, the asset saw dips and crashes, bringing the price down to the $40K trading area.
Bitcoin wallets with balances of 100 to 1,000 BTC have continued to add to their balances, and by the end of September, these wallets had amassed a total of 85.7K BTC.
This equates to $4.76 in Bitcoin acquired by whales while regular investors panicked and dumped their holdings in today’s values.
As bitcoin whales amass additional coins, the proportion of the total circulating quantity of bitcoin they own grows.
According to current data, the total quantity of BTC in these whale wallets is 21.3 percent of the asset’s entire circulating supply.
This figure is a new high for wallets with balances ranging from 100 to 1,000 BTC.
Whales are not just purchased but also kept. The year 2021 had a high number of diamond hands (long-term holders) in bitcoin.
According to reports, 81 percent of the total BTC supply has remained unchanged in the previous three months. This statistic indicates that the digital asset may be experiencing a supply shock.
The quantity of BTC leaving exchanges outnumbers the number of coins entering, implying that investors collect assets and transfer them to safer personal storage solutions.
On Tuesday night, the price of bitcoin fell below $54K after the digital currency had climbed close to $58K throughout the day.
This was attributable to traders taking profits as the asset reached a fresh four-month high.
However, the asset began to rebound approximately an hour after the drop and reached almost $58K at the time of writing.