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Bitcoin's Key Investors Double Down, Buy Another 79,000 BTC
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Key Investors Double Down, Buy Another 79,000 BTC

Keshav Verma
Keshav Verma
1 week ago
2 mins read
Bitcoin

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On-chain data shows the large Bitcoin investors have added to their holdings in the past week, a sign that could be bullish for BTC’s price.

Bitcoin Investors With 10 To 10,000 BTC Have Added To Their Holdings

In a new post on X, the on-chain analytics firm Santiment has talked about the latest trend in the Bitcoin supply held by the 10 to 10,000 BTC investors. The on-chain indicator of relevance here is the “Supply Distribution,” which tells us about the total number of tokens that a particular wallet group is carrying right now.

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Addresses or investors are placed into these cohorts based on the size of their balance. For example, the 1 to 10 coins group includes all holders owning between 1 and 10 tokens of the cryptocurrency.

In the context of the current discussion, the groups lying inside the 10 to 10,000 BTC range are of interest. This wide range includes some of the key holders of the sector like the sharks and whales. These investors own significant holdings, so their behavior can often be worth keeping an eye on.

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Supply Distribution of the 10 to 10,000 BTC holders over the last few months:

Bitcoin Key Investors
The value of the metric appears to have seen a sharp uptick in recent days | Source: Santiment on X

As is visible in the above graph, the Bitcoin supply held by the 10 to 10,000 BTC investors has registered a significant jump over the past week, implying this group has purchased a net number of coins.

More specifically, the members of the cohort have collectively added 79,244 BTC to their wallets in this period. At the current exchange rate, this amount converts to a whopping $8.3 billion.

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From the chart, it’s visible that this accumulation from the key investors has arrived while BTC has been going down after forming a new all-time high (ATH). This could be a potential indication that these holders still believe in the rally and see this drawdown as just a dip opportunity.

That said, the 10 to 10,000 range is a bit wide, so while it does include the big-money investors, it also mixes up their behavior with some of the less-significant hands. Fortunately for Bitcoin, it would appear that the whales (1,000 to 10,000 BTC) agree with this trend of buying, as the chart shared by analyst Ali Martinez implies.

Bitcoin Whales
The trend in the Supply Distribution of the BTC whales during the past month | Source: @ali_charts on X

As displayed in the graph, the whales of the cryptocurrency have added around 30,000 tokens to their holdings during the past few days, meaning that it’s not just the mid-sized hands buying this dip.

BTC Price

At the time of writing, Bitcoin is floating around $105,200, down over 2% in the last seven days.

Bitcoin Price Chart
The price of the coin seems to have been moving sideways recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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