Bitcoin Holders Increase Their BTC Holdings at the $50,000 Price Level

Kavya  |  Aug 31, 2021

The Bitcoin whale group is not alone in amassing the world's biggest digital currency. According to the most recent Glassnode statistics, Bitcoin holders have increased BTC holdings at the $50,000 price level. 

At The $50,000 Price Level, Bitcoin Holders Increase Their Holdings

The total number of BTC addresses that possess at least 0.1 BTC has risen to 3.2 million, the highest level in over three months. 

Whale Bitcoin accounts, on the other hand, massively increased their BTC holdings in August. 

According to Santiment, BTC millionaire addresses presently control over 9 million coins, accounting for about half of the total Bitcoin supply.

“The overall number of Bitcoin addresses holding 0.1+ coins has just reached a three-month high of 3,231,069. On August 29, 2021, a previous three-month high of 3,230,900 was recorded,” Glassnode stated.

The current pattern of an accumulation from ‘small fish' BTC accounts (carrying 0.1+ Bitcoin) demonstrates that the bulk of BTC holders are still not ready to sell their holdings. 

 

In fact, they want to expand their holdings to capitalize on a future surge in the world's most valuable digital asset.

Bitcoin Whale 

Last week, the flagship currency experienced a huge increase in network activity as major BTC accounts began transferring the cryptocurrency from digital exchanges and unknown wallets. 

On the 25th of August, a BTC address transferred 6,000 coins from Binance to Xapo. The entire amount of the transfer was $292 million. 

On Saturday, August 28, Whale Alert, major blockchain surveillance and analytics tool, reported a transaction worth over $500 million from Binance. 

A similar transaction involving 10,230 Bitcoin was noted on the same day.

The $50,000 price milestone is critical for Bitcoin. BTC reached the $50,000 mark for the first time in 13 weeks last week but failed to maintain that level. 

For the previous several days, BTC has been trading around $47,000. Bitcoin is currently selling at $47,500, with a market worth of $902 billion and a crypto market dominance of more than 43%.

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