Popular on-chain analytics firms Santiment and BitInforCharts have illuminated whale wallets. According to the report, whales continue to accumulate Bitcoin, but interest in the altcoin market is increasing compared to last year.
Whales keep accumulating Bitcoin
Data provided by on-chain analytics firm Santiment shows that whales continue to accumulate Bitcoin (BTC). According to the report, whales holding 100 or more BTC hold 3.9 million Bitcoins (almost 21% of all BTC in circulation). As the BTC price dropped from $57,000 to $33,700 on Jan. 24, whales made additional purchases at lower prices. Since December alone, around 60,000 BTC has been purchased. That’s more than $2 billion at its current price of $37,119. In longer time frames, whales have bought a total of 1.7 million BTC, including over $60,000 in Bitcoin, in the last 5 years, according to the Santiment report. This amount is equivalent to $62,334,070,000.
According to another analytics resource BitInforCharts, wallets with 100-1,000 Bitcoins contain 13,808 addresses and hold 3,956,271 BTC worth $144,901,597,476. This is equivalent to 20.89% of all Bitcoin in circulation.
BTC transfers its share to altcoin market
Santiment also shared that Bitcoin has lost its social dominance since 2021. After 2021 being a positive year for the altcoin market, Bitcoin now shares half the amount with the altcoin market compared to the previous year. As a rule, Bitcoin price dominance and social dominance are always at high levels. Santiment says only price dominance has been high so far in the new year.