Whales Buy 133,000 #BTC (about $7.6 billion) in 30 Days Despite Price Drop

The number of wallets holding #Bitcoin BTC or more, a key indicator of whale activity, has surged to a 17-month high

According to data from analytics platform Santiment, 283 new wallets joined the “100 BTC” club in August alone. There are now a total of 16,120 such wallets on the Bitcoin network, indicating an increasing concentration of wealth in the hands of “big” holders

Not only whales, but also “whales” - wallets holding 10 BTC or more - are actively buying. Santiment estimates that in the past 30 days, wallets holding between 10 and 10,000 Bitcoin have collectively acquired over 133,000 BTC, equivalent to a value of over $7.6 billion

The amount of Bitcoin whales are buying each day is equivalent to the amount of Bitcoin newly mined in the same period