Bitcoin whales are stocking up, with millionaire addresses accumulating around 90,000 Bitcoin worth 367 billion over the past 25 days. The accumulation was identified by crypto market data aggregator Santiment, which identified that wallets holding between 100 and 10,000 BTC described by Santiment as millionaire tier addresses are now the largest segment of Bitcoin hodlers and currently account for 48.7 of Bitcoins supply.
The recent buying spree places the millionaire addresses at a sevenweek high for the number of Bitcoin held, with the addresses representing more than 9.11 million BTC down just a couple of percent from their midApril high. Miners also appear to be accumulating BTC, with onchain analytics provider, Glassnode, identifying that weekly Bitcoin outflows from miner addresses have slumped to a fivemonth low of roughly 1.7 million on June 16.
While many whales and miners appear to be hodling their coins in expectation of higher prices, transaction monitor Whale Alert has identified two transfers of roughly 5,000 BTC or 200 million each destined for Coinbase since June 14, suggesting at least some large investors are looking to trade their Bitcoin.