• Bitcoin whales have decreased their holdings since April as the coin struggles to break the $30,000 price mark.
• Data from Santiment shows that shark wallets have increased steadily over the last 60 days while whale wallets have decreased.
• At press time, BTC traded below $30,000 and oscillated within a very narrow range in the last month.
Bitcoin Whales Show Cautiousness
Bitcoin whales appear to be avoiding accumulation as the leading crypto struggles to break the $30,000 price mark. According to on-chain data provider Santiment, there has been a slight decrease in whale wallet holdings over the past few months even as “shark wallets” count has climbed steadily during this period.
Supply Distribution Metric
Santiment’s Supply Distribution metric divides Bitcoin holders into various wallet groups based on their amount of coins held. This includes “shrimps” (holders of less than one coin), “sharks” (holders of 1-100 coins), and “whales” (addresses with 100 coins or more). Per data from Santiment, shark wallets have increased in number by 3% since the year began while whale wallets have decreased by 1%. At press time, these two cohorts comprised 993,000 and 15,851 addresses respectively.
BTC Struggles at Crucial Price Level
At press time, Bitcoin traded below $30,000 according to CoinMarketCap and had only managed to trade above this level for brief periods in the last month. Thus far it has failed to break out beyond this crucial price level despite attempts at doing so multiple times over recent weeks.
Cautiousness Could Lead To Volatility Later On
The cautious behavior of Bitcoin whales could possibly lead to more volatility later on if they decide to make any significant moves with their holdings. As such it is important for traders and investors alike to keep an eye out for any changes in whale wallet counts as summer progresses because such movements could indicate which direction prices are likely headed next.
Conclusion
In conclusion, Bitcoin whales appear to be shying away from accumulating BTC despite its profitability as a asset class. Shark wallets however are continuing their climb steadily since April which could indicate that smaller investors are trying take advantage of current market conditions while larger investors remain hesitant due BTC’s inability to break out beyond $30k thus far.