The analytics firm Santiment has explained how the key Bitcoin holders are showing behavior that could prove to be a bullish sign for the asset.
In the context of the current topic, the range of interest is the 10 to 10,000 BTC one. At the current exchange rate, its lower bound converts to around $969,000 and the upper one to $969 million.
Now, here is the chart for the Supply Distribution of this holder range shared by the analytics firms that shows the trend in its value over the past several months:
As displayed in the above graph, the 10 to 10,000 BTC holders have seen their supply go up recently. More specifically, these large investors have added a total of 81,338 BTC to their wallets over the last six weeks.
In the same chart, Santiment has also attached the data related to the Supply Distribution of the smallest of BTC investors. It would appear that these retail holders have scaled back on their holdings at the same time as the shark and whale accumulation spree.
“When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout,” notes the analytics firm.
While the long-term trend has been accumulation for Bitcoin’s key investors, a different trend has emerged in a more recent view. As is apparent from the chart, the balance of this group has registered a decline in the last few days, a sign that some of these holders have taken profits from the recovery rally.
“Since April 16th, there has been $5.13B moved into collective BTC ETF’s, pumping markets,” says the analytics firm.
Bitcoin has seen a renewal of bullish momentum during the last 24 hours as its price has broken back above the $97,000 level.
