The wavering Bitcoin market isn’t holding back whales from accumulating more Bitcoins. So far, several institutional entities have made their entry into the leading digital asset while more big-time investors are readily scooping the digital coins.
Bitcoin whales are reported to purchase heavy amounts of the crypto asset, the recent addition of 90,000 coins to the Whales’ wallets has pushed up their Bitcoin hold to 50 percent. Since they hold such amounts of crypto, Bitcoin whales exert considerable influence in the general crypto market. The most active whales hold from 100 to 10,000 Bitcoins.
The market capitulation of May led several Bitcoin holders to dump the digital asset, however, the low values became a good buying spot for the big buyers. Data from Santiment reveals that the big-time Bitcoin holds have about 9.11 million BTC’s worth $367 billion at this time in their possession. According to them, this figure makes up over “48.7% of the total bitcoin supply.”
The “Little Guy” Impact on Bitcoin
Bitcoin whales are not the only active playmakers of Bitcoin’s movement. The “little guy” also appears to be accelerating the accumulation of Satoshis.
In a tweet, Glassnode revealed that retail wallets have been actively responding to the evolution of Bitcoin. According to the analysis, the leading crypto asset is walking its way up to the third phase as a “macro-economic asset” out of four phases. The adoption of Bitcoin as a legal tender within El Salvador has seen it enter into the fourth phase as a “geopolitical asset”.
The little guy represents wallets that hold below one Bitcoin and therefore gathering Satoshis. These wallets are estimated to hold about five percent of the total BTC circulating supply.