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Millionaires in Bitcoin have amassed 90,000 BTC in the last 25 days, taking advantage of the falling price to buy.
One man’s loss is another man’s gain. In the Bitcoin market, this proverb takes on its full meaning. For example, when the BTC price collapsed, recent investors were selling heavily and at a loss.
But other investors knew how to take advantage of this downward trend to accumulate more Bitcoin. A perfect example is MicroStrategy, a BTC whale.
He’s not the only one practicing this strategy though, as Santiment’s data reveals. So-called “millionaire” wallets, i.e. those holding 100 to 10,000 BTC, were filling up on tokens.
In fact, over the past 25 days, following the crypto crash, these investors were grabbing an additional 90,000 bitcoins. That was about $367 million worth of extra BTC for these addresses.
This “millionaire tier”, or “millionaire tier” as Santiment calls it, now weighs the largest share of the BTC supply on the market. It alone now accounts for 48.7% of all Bitcoin.
As Glassnode also observes, Bitcoin miners also seem to be accumulating Bitcoin. But long-term holders and miners have another thing in common: they expect the price of the crypto-asset to rise.
However, it’s not just the whales that are seeing their share of BTC rise. On a more significant time scale, small holders are also on the rise. The share of addresses posting less than one BTC has doubled since December 2017, totaling 5% of the capitalization.
Wouldn’t a further drop in assets lead to a sell-off in this share? Hard to say. On the other hand, whales could also take advantage of an improving share price to sell.
Whale Alert identified a very significant transaction on June 14. Two transfers of 5000 BTC or about 200 million dollars were made to Coinbase. These transactions suggest a future sale in the event of a favorable rise in the price of Bitcoin.