Whales are gobbling up Bitcoin as top crypto assets trade sideways this week, according to analytics firm IntoTheBlock
A leading blockchain analytics firm says whales are accumulating Bitcoin (BTC) as the top crypto asset moves sideways following its driving price action earlier this month.
IntoTheBlock notes that the amount of Bitcoin held by addresses with over 1,000 BTC reached a new annual high this week.
The whale hoard now owns 7.67 million BTC, worth nearly $280 billion.
Source: IntoTheBlock/X
Bitcoin is trading at $36,474 at the time of writing. The highest-valued crypto asset by market capitalization has fallen more than 2% in the past week, but has continued to rise by more than 29% in the last 30 days.
In addition to the accumulation of BTC whales, IntoTheBlock also notes that Bitcoin’s new adoption rate reached a yearly high of 67.62% this week.
The company explains,
“This metric shows the percentage of newly created active addresses and, in this case, indicates an increase in new market participants.”
Source: IntoTheBlock/X
Additionally, IntoTheBlock notes that Bitcoin “continues to assert its dominance” by leading all Layer 1 blockchains with 960,000 daily active addresses.
However, the company adds that peer-to-peer payments network Litecoin (LTC) is “surprisingly close” with 797,000 daily active addresses.
“Litecoin has significant network usage. This high level of activity indicates a strong, engaged user base.”
According to IntoTheBlock, Ethereum (ETH) is in third place with 405,000 daily active addresses.
Source: IntoTheBlock/X
At the time of writing, Ethereum is trading for $1,950 while Litecoin is worth $69.71.
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