Large Crypto Traders Add 90,000 Bitcoins to their Holdings in Past 25 Days

Over the last 25 days, “millionaire” addresses have accumulated over 90,000 Bitcoin valued $367 billion, indicating that Bitcoin whales are stockpiling. The buildup was discovered by crypto trade data collector Santiment, which discovered that wallets containing Bitcoins in the range of 100 to 10,000 BTC — dubbed “millionaire tier” accounts by Santiment — had become the key component of Bitcoin hodlers, accounting for 48.7% of the total supply.

The latest purchasing frenzy has pushed the quantity of Bitcoin held by millionaire addresses to a seven-week peak, with the addresses reflecting over 9.11 million BTC, down barely a few percent from their mid-April peak.

On-chain analytics company Glassnode said on June 16 that weekly Bitcoin transfers from miner addresses have hit a five-month low of about $1.7 million, indicating that miners are stockpiling BTC.

In contrast to whales, the percentage of supply covered by addresses owning below one Bitcoin has quadrupled since December 2017, accounting for about 5% of Bitcoin’s market worth, according to Glassnode.

While many whales and miners seem to be hoarding their coins in the hopes of better prices, activity monitor Whale Alert has discovered two transactions of about 5,000 BTC each headed for Coinbase since June 14, indicating that at least some major investors are trying to offload their Bitcoin.