The latest data shows a significant increase in the holdings of the latest Bitcoin whale wallets. As per Ki Young Ju, the chief executive officer of the well-known on-chain analytics platform CryptoQuant, the exclusive whale wallets currently contain up to 1.97M $BTC tokens, signifying a remarkable 813% increase in their year-to-date Bitcoin balance. The CryptoQuant CEO took to his official X account to discuss this development.
Latest Whale Wallets Hold 1.97M Bitcoin, Representing 9.3% of Cumulative Supply
Ki Young Ju revealed that reaching a staggering 1.97M $BTC in terms of holdings has substantially benefited the whale wallets. As a result of this, the collective holdings of the respective wallets have reportedly touched 9.3% of the cumulative supply of Bitcoin. This figure equals a value of up to $132B, denoting a noteworthy shift in the overall Bitcoin ownership.
A distinctive feature of the above-mentioned whale wallets is their exclusion of miner and exchange wallets. This highlights their likely status as custodial accounts that are normally linked with big funds or institutional investors. The usual coin age in the respective wallets remains below 155 days. This expresses their position as relatively unique acquisitions and further emphasizes the recent spike in the big-scale investors’ interest.
The Shift Indicates a Diversification in the Ownership Structure of Bitcoin
Ki Young Ju of CryptoQuant asserted that the statistics reflect an enormous wave of Bitcoin adoption by institutional investors. This shift reveals that the ownership structure of Bitcoin is getting additional diversification. In this respect, institutional players are taking considerable stakes in the crypto assets, transforming Bitcoin’s status.
Source: https://blockchainreporter.net/bitcoin-whale-wallets-surge-813-in-2024-now-holding-nearly-2-million-btc/