Online analytics company Santiment recorded a resurgence of 10 new Bitcoin whale addresses holding 10,000 BTC or more in the past three months. This represents a 12.7% increase from the end of October, where whale addresses fell to a nine-year all-time low of 79 from the previous high of 120.
🐳 In the last 3 months, 10 new #Bitcoin the whale address has reappeared holding 10k or more $BTC. This is a 12.7% increase from the 9-year all-time low mega whale addresses recorded at the end of October. https://t.co/XxxWNnm7sL pic.twitter.com/CWzcrnG1Pf
– Santiment (@santimentfeed) January 17, 2022
Currently, the number of large Bitcoin holders has increased to 89 as reported by Santiment. Expanding on this, Santiment states “that these may be new addresses that have not previously crossed this threshold. But usually it says, these whale addresses were previously held in the 1k to 10k range and accumulated an amount in excess of 10k or so. “
Either way, signs of consolidation within the price range over the past three months can be inferred from the data.
Bitcoin price action
Bitcoin continues to range between $41K and $44K. At press time, Bitcoin is trading at $41,687, down 2.21% over the past 24 hours, according to CoinMarketCap data.
The Bitcoin price has been steadily falling since hitting an all-time high of $69,000 on November 10.
📉 $BTC continued in the $41k to $44k range, surprisingly flat for the past week after a volatile start to 2022. #altcoinson the other hand, have given up much more substantial profits. $ LUNA, $NEAR, $FTM& $ LRC Withdrawal is particularly difficult. https://t.co/1rWRbGySmH pic.twitter.com/EPduykrmtU
– Santiment (@santimentfeed) January 18, 2022
The resurgence of BTC addresses with over 10,000 BTC could be the result of long-term holders returning to expand their holdings. Major crypto investors, often referred to as “whales,” appear to be accumulating Bitcoin amid constant price volatility.
U.Today previously reported on Bitcoin’s positive catalysts for 2022. The steady increase in holders, in contrast to the drop seen in early 2018, suggests that there is still room a solid level of interest in Bitcoin, which remains a positive catalyst.
According to the report of IntoTheBlock, Bitcoin hash rate recently hit a new all-time high of 218.35 million TH/s. After the Massive Mining Migration, the hash rate was able to quickly recover, up 252% since the June low.
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