The number of whale wallets has surged to a 17-month high, reaching 16,120.
Recent Trends in Whale Wallets
The decline in cryptocurrency prices has led to a significant increase in the number of Bitcoin wallets holding 100 BTC or more. According to data from blockchain analytics company Santiment, 283 new wallets crossed the 100 Bitcoin threshold in August alone. This surge brought the total number of such wallets to 16,120, the highest level since early 2023.
Santiment’s Insights about Whales
Santiment highlighted this trend in a statement on X, noting,
“With crypto prices disappointing retail investors, there has been a huge increase in the number of Bitcoin whales. Wallets holding at least 100 BTC saw a net increase of +283 in just one month.”
Sharks Are Also Increasing Their BTC Holdings
The accumulation trend isn’t limited to the largest Bitcoin holders. Wallets holding at least 10 Bitcoins, often referred to as ‘sharks,’ have also been increasing their holdings. According to Santiment, these wallets amassed over 133,000 BTC in the last 30 days, valued at more than $7.6 billion.
Impact of Whale Activity on Bitcoin Price
This increase in whale activity coincided with significant declines in the Bitcoin price. Adam Back, CEO of Blockstream and inventor of Hashcash, observed that whales started buying as the Bitcoin price dropped from $62,000 to $58,000 on August 28. Back stated, “Whales are back; they have been buying 450 BTC per day every day since the fall on the 28th, the same amount as daily Bitcoin mining.”
Small Investors Panic Selling
Santiment suggests that small investors are panic selling in response to the low price points, offloading assets that whales are eagerly buying. Crypto analyst and CryptoQuant writer Axel Adler Jr. speculated that investors might feel pressured to sell as the price continues to fall. Adler warned, “In the current bull market, the metric did not fall below 17%. The current figure is -8%. If it continues to fall, the number of those willing to sell coins at a loss could double.”
Crypto Fear and Greed Index
The Crypto Fear and Greed Index, which measures market sentiment, is currently at 26, indicating a general state of “Fear” in the market. Throughout August, the index was dominated by fear, with an average score of 37 points.
Bitcoin Millionaires More Than Doubled
Reports show that the number of crypto millionaires worldwide has increased by 111% in the last year, reaching 85,400. Additionally, the number of individuals with more than $1 million in crypto assets has risen by 95%, bringing the global total to approximately 172,300.
Crypto-Rich Climbing the Wealth Ladder
The crypto-rich have climbed to the top of the wealth ladder, with 325 crypto ‘centi-millionaires’—people holding more than $100 million in digital assets. This elite group has grown by 79%, now consisting of 325 members. Furthermore, six new crypto billionaires emerged in the last year, bringing the total number of nine-figure crypto asset holders to 28.
Changpeng Zhao Tops the List
Changpeng Zhao, founder and former CEO of Binance, continues to top Forbes’ list of the richest crypto billionaires for the third year in a row, with an estimated net worth of $33 billion.