• On-chain data shows that large Bitcoin whales have added 37,100 BTC to their holdings in recent days.
• The wallet groups of interest are 10-100 coins, 100-1,000 coins, and 1,000 to 10,000 coins.
• The total percentage of the Bitcoin supply held by the 10-100 coins band has been rising for the past 10 weeks.

In the crypto space, there has been a lot of discussion in recent days regarding the accumulation of large Bitcoin whales. On-chain data from the analytics firm Santiment suggest that multiple Bitcoin holder groups have been displaying some strong accumulation in the last 10 days as BTC has been rallying strong.

The relevant indicator here is the “BTC Supply Distribution,” which tells us which wallet groups on the network are holding what percentage of the total supply right now. The wallet groups here refer to ranges that denote the upper and lower bound for the number of coins that each wallet in a given group is currently holding. For instance, the 1-10 coins band includes all wallets that are carrying at least 1 BTC and at most 10 BTC right now. The Supply Distribution metric for this group would then show the share of the total Bitcoin supply that the combined balances of all the wallets falling into this range currently occupy.

In particular, there are three wallet groups of interest: 10-100 coins, 100-1,000 coins, and 1,000 to 10,000 coins. Looking at the trends in the Supply Distribution curves for each of these bands over the past year, it’s clear that the values of these metrics have surged in recent days.

The total percentage of the Bitcoin supply held by the 10-100 coins band has been steadily increasing for the past 10 weeks or so. Holders with balances in this range are usually called “sharks,” as they are typically large and sophisticated investors. In this recent period, these whales have added 37,100 BTC to their holdings, representing a significant amount of capital.

At the same time, the 100-1,000 coins band has also seen a steady increase in its Supply Distribution metric. This suggests that whales with balances ranging from 100 BTC to 1,000 BTC have also been actively accumulating in the past few weeks.

Finally, the 1,000-10,000 coins band has also seen its Supply Distribution metric slowly rising in recent days. This indicates that whales with balances in the thousands of BTC range have also been accumulating recently.

Overall, the on-chain data suggests that large Bitcoin whales have started accumulating in the last 10 days as BTC has rallied strong. This is a promising sign, as it suggests that these whales are confident in the long-term prospects of Bitcoin and are actively buying into the current rally.