The number of bitcoin whale addresses with more than 100,000 BTC has reached a 27-month high.
At present levels, bitcoin whales appear to be amassing the cryptocurrency. The overall number of people who own more than 100,000 bitcoins is still at a 27-month high. During bitcoin’s current price decline from its all-time high of £46,000, the stockpiling tends to be taking place.
According to Santiment, an on-chain analysis and market insights organisation, addresses holding 10,000 to 100,000 BTC had reached a new all-time minimum, with 10.91 percent of the supply owned. Bitcoin addresses with more than 100,000 BTC account for 3.64 percent of the supply.
While it suggests that significant bitcoin investors are continuing to buy, Santiment added, “The current Bitcoin sentiment remains at extreme negative levels that our algorithm hasn’t seen since October, 2020. If BTC ranges for much longer, the negative commentary will likely surpass this mark, making it the most bearish since June, 2018.”
Santiment agrees that bitcoin whales are amassing assets at a time when the market is still gloomy. Willy Woo, an on-chain analyst, noted that the bitcoin blockchain’s user count is increasing at a higher pace than ever. “The estimated user count seen on Bitcoin’s blockchain is growing faster now than any other time in its 12-year history. Even during this dip? Yes, especially during this dip,” Woo said.
Following the Chinese mining limitations, Bitcoin’s mining hash rate appears to be on the mend.
Miners have ceased operations in China and were preparing to relocate to other countries.
Texas appears to be one such location. Because of its low electricity costs, Texas is poised to become a desirable destination for mining operations.
Mining operations have started taking pace, as the total hash rate increased from 84.79 TH/s last week to 93.24 TH/s on Sunday.