While fear is returning to cryptocurrency markets, the category of largest Bitcoin (BTC) holders continues to increase its dominance. However, even they are uncertain about the next steps of the largest cryptocurrency's price dynamics.
Number of 10+ BTC whales prints three-year high
The net count of on-chain Bitcoin (BTC) addresses holding a minimum of 10 Bitcoins (BTC) each reached its maximum since September 2020. This important metric of whale-driven accumulation registered its three-year high at 157,324 wallets today, Sept. 2, 2023.
The event was reported by Glassnode Alerts, an automated service by Glassnode on-chain analytics platform.
As per Glassnode's chart, the number of whales in this category has been growing steadily since early March 2022. At the same time, during the most painful price crashes associated with the Terra (LUNA) and FTX collapses, the metric was growing parabolic.
As covered by U.Today previously, Bitcoin (BTC) whales managed to get the maximum off the last spike of the Bitcoin (BTC) price catalyzed by Grayscale's legal win.
Large Bitcoin (BTC) wallets mysteriously accumulated $388.3 million worth of BTC in 24 hours before the verdict was published by the U.S. Court of Appeals for District of Colombia.
Whales at crossroads, Santiment data says
The wave of optimism after the Grayscale/SEC decision announcement resulted in a rapid 7.7% Bitcoin (BTC) price upsurge, but then it totally vanished in just two days.
At the same time, another indicator of whales' behavior demonstrates uncertainty dominating in this category. Santiment, a leading crypto intelligence platform, tracks the processes of "stablecoin accumulation," i.e., the energy of purchasing assets required to obtain cryptocurrencies.
As whales need stablecoins to buy BTC and push its price higher, the accumulation of stablecoins usually precedes Bitcoin (BTC) price spikes. In the past days, this indicator has stayed "neutral," a Santiment chart says.
In August 2023, a whale accumulated LidoDAO (LDO), Aave (AAVE), Uniswap (UNI) and Ethereum (ETH), as U.Today reported.
Yuri Molchan
Gamza Khanzadaev
