Bitcoin, the largest digital currency in the world, has been stable in price over the past 24 hours. However, its network activity has increased substantially during that time.
According to the latest data from the on-chain cryptocurrency analytics platform Santiment, Bitcoin whale accounts have accelerated accumulation of BTC over the past few days. Over the weekend, large Bitcoin addresses added almost 20,000 BTC.
Santiment stated that 16.104 Bitcoin addresses currently hold between 100 and 10,000 BTC. This amounts to approximately 9.1 Million coins worth more than $530 billion. Finance Magnates published last week about the transfer of 19,000 BTC to an unknown cryptocurrency wallet.
They currently own 9.1M BTC (531.3B USD) from the 16,104 Bitcoin addresses that hold between 100 and 10,000 BTC. This group, which had seen its holdings decline from April 10 through May 4, is now showing signs of accumulating again. 20k BTC has been added in the last 2 days, the company stated on Twitter.
BTC whale accounts received nearly 90,000 Bitcoin in the first three weeks April due to a rise in the price for the largest cryptocurrency.
Bitcoin Network Activity
The BTC price has risen more than 100 percent since 2021. In April, the digital currency reached an all-time high at $64,600. The market capitalization of the cryptocurrency is more than $1.1 trillion and it currently trades at $59,000. Bitcoin’s latest price rise is due to increased network activity. Since the beginning of this year, there has been a significant increase in total transactions, Volatility and whale activities. Despite the recent dip in BTC’s crypto-market dominance, institutional interest has increased in Bitcoin-related investments products over the past few months. In the week ending April 2021, $442 million in institutional inflows to BTC investment products.
As with Ethereum, the active supply at the top cryptocurrency exchanges is plummeting as crypto whales move the most valuable digital currency in the world from trading platforms to unknown crypto wallets.
