Bitcoin, the world’s largest digital currency, remained stable in terms of price during the last 24 hours but its network activity has jumped substantially during the same period.
According to the latest data published by the on-chain cryptocurrency analytics platform Santiment, Bitcoin whale addresses have accelerated the accumulation of BTC in the last few days. Large Bitcoin addresses added nearly 20,000 BTC over the weekend.
Santiment mentioned that 16,104 Bitcoin addresses, holding between 100 and 10,000 BTC, currently own approximately 9.1 million coins worth over $530 billion. Last week, Finance Magnates reported about the movement of 19,000 BTC worth more than $1.1 billion to an unknown crypto wallet.
“Of the 16,104 Bitcoin addresses holding between 100 to 10,000 BTC currently, they own 9.1M BTC (531.3B in USD). After declining holdings from April 10 to May 4, this group is showing signs of accumulating again with 20k BTC added during the past 2 days,” the company mentioned on Twitter.
BTC whale accounts added nearly 90,000 Bitcoin within the first three weeks of April amid a surge in the price of the world’s largest cryptocurrency.
Bitcoin Network Activity
BTC price is up by more than 100% since the start of 2021. The digital currency touched an all-time high of $64,600 in April. The cryptocurrency is currently trading near $59,000 with a market cap of more than $1.1 trillion. The latest price jump in Bitcoin is increasing its network activity. The total number of transactions, volatility, and whale activity has increased significantly since the start of this year. Despite the latest dip in BTC’s crypto market dominance, institutional interest in Bitcoin-related investment products has spiked during the last few months. BTC investment products attracted $442 million worth of institutional inflows in the last week of April 2021.
Similar to Ethereum, the active supply of Bitcoin at leading cryptocurrency exchanges is plunging as crypto whales are moving the world’s most valuable digital currency from trading platforms to unknown crypto wallets.