Bitcoin Whales Add Over 113,000 BTC to Holdings
Bitcoin's price rally has been bolstered by large investors known as 'whales' who have added 113,950 BTC to their holdings over the past two months. According to on-chain analytics firm Santiment, wallets holding between 100 and 1,000 BTC acquired this additional Bitcoin since July 15.
The data showed that these large investors now hold a total of approximately 5.24 million BTC, representing a 2.22% increase in their holdings over the same period. Santiment noted that changes in assets held by wallets with 100 to 1,000 BTC have shown a strong correlation with price trends in the digital-asset market.
In particular, accumulation by these investors has frequently been observed just before Bitcoin prices turned bullish or while an upward trend was continuing. This means buying by investors managing large sums of capital can be interpreted as a signal supporting further market gains.
However, Santiment emphasized that large-wallet accumulation alone is not enough to conclude that prices will keep rising. The firm suggested that it becomes a more useful market indicator when assessed alongside retail investor sentiment, the market's level of fear and exchange flows.