Crypto Whales Now Hold a Staggering 9.3% of Bitcoin's Total Supply: CryptoQuant
- DDDOriginal
- 2024-10-17 06:06:21869browse
New data from market intelligence firm CryptoQuant reveals that new Bitcoin (BTC) wallets are now holding a staggering 9.3% of the crypto king's total supply.
New Bitcoin (BTC) wallets are now collectively holding a total of 9.3% of the flagship crypto asset’s circulating supply, according to data from market intelligence firm CryptoQuant.
In a thread on the social media platform X, CryptoQuant CEO Ki Young Ju highlights the significant increase in the BTC holdings of new whale wallets, which have seen their balances surge by an average of 813% year-to-date.
New whale wallets are defined as having an average coin age of less than 155 days and excluding exchange and miner wallets.
“New whale wallets now hold 1.97 million Bitcoin. Each has over 1,000 BTC, average coin age under 155 days, excluding exchange and miner wallets, likely custodial. Their BTC balance surged 813% year-to-date, taking up 9.3% of the total supply, valued at $132 billion today.”
Ju attributes the shift in the crypto landscape to the entry of institutional investors, who are typically known for making larger, longer-term positions.
“At first, I thought this might be a data error, as the numbers seemed unrealistically high. To put it into perspective, it’s like institutional investors acquiring an additional 8.2% stake in a company named Bitcoin within a year.
The cap table for Bitcoin has become more diversified with the entry of institutional players. No one calls Bitcoin gambling anymore, and I feel the atmosphere is becoming more mature.”
The CryptoQuant CEO also notes that apparent demand, an on-chain metric used to compare production and inventory changes for BTC, has turned positive once again.
Bitcoin is trading for $67,639 at the time of writing, a 2.64% gain during the last 24 hours.
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