Bitcoin sharks and whales have been accumulating Bitcoin since the local top in April, according to data from on-chain analytics firm Santiment.
The data shows that these large investors have added a total of 93,000 BTC ($2.6 billion at the current exchange rate) to their wallets since April.
However, the data also shows that these investors have become more cautious in recent weeks. This could be a sign that they are unsure about the future direction of the market.
If these investors start accumulating again, it would be an indication that they are bullish on Bitcoin.
Here is a more detailed look at the data:
Santiment’s Supply Distribution indicator measures the total amount of Bitcoin that each wallet group in the market is holding right now.
The addresses are divided into wallet groups based on the total number of coins that they are carrying in their balances currently.
The 1-10 coins cohort, for example, includes all investors that are holding at least 1 and at most 10 BTC.
In the context of the current discussion, there are two investor groups that are of interest: the “sharks” and the “whales.”
The former of these is a cohort that includes the investors holding a moderate amount of coins, while the latter includes large holders.
Due to the amount of supply that the combined wallets of these groups hold, they can be quite influential in the market.