A recent analysis has found that a relatively small cohort of Bitcoin addresses amasses a sizeable chunk of the flagship cryptocurrency’s circulating supply. There are 15,870 addresses in total, each holding over $100 BTC and holding 11.5 million coins combined.
According to on-chain analytics firm Santiment, the sizable sum represents about 59.2% of the circulating Bitcoin supply, making it clear that larger cryptocurrency investors have amassed BTC and gained control of a larger chunk of the circulating supply.
Over the past quarter, these influential addresses, commonly referred to as “whales” in crypto-speak, added an additional 27,755 bitcoins to their cache.
For some analysts, the accumulation of whales is a telltale sign of upcoming market trends and potential price swings for the flagship cryptocurrency, making whale activity an essential part of understanding the current and future cryptocurrency landscape.
It is worth noting that the total number of addresses created on the Bitcoin blockchain has recently surpassed the one billion mark, although of those addresses only about 45 million have a balance as most of the addresses created currently have no balance.
The surge comes at a time when various analysts are making bullish forecasts for the Bitcoin price. As CryptoGlboe reported, the CEO of a cryptocurrency financial services firm that manages over $2 billion in assets recently hinted that historical precedents would see Bitcoin’s price breaking through $100,000 after the halving by 2025.
Earlier, investment research firm Fundstrat issued a BTC price prediction suggesting that the cryptocurrency could see a jump of over 500% from its current value to the $180,000 mark before a halving event in April 2024.
Additionally, London-based multinational banking and financial services company Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year and break through $120,000 by the close in 2024, which is what another major bullish price prediction for BTC.
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