Latest data for the Bitcoin network shows that wallets holding large amounts of BTC have started buying again and the total number of on-chain users is rapidly increasing. Especially wallets with a balance of 100 BTC and above have started to accumulate again after being in the sales direction for a while. During the same period, the price of Bitcoin reached $72,500.
BTC Accumulation and Distribution in Large Wallets
In the charts created by the crypto analysis platform CryptoRank using Santiment data, the total assets of wallets holding 100 or more BTC have been monitored since 2010. While the number of these wallets was close to zero until 2013, it reached approximately 10 thousand after that year and remained at the same levels for a while. However, in the post-2016 period, the rise accelerated again and increased continuously, except for short-term fluctuations. According to current data, the number of wallets holding more than 100 BTC is around 20 thousand, and this is the highest level ever recorded.
While wallets that fall into this category have been selling for a while with the rise in prices, it seems that repurchases have come to the fore after the recovery that started at $ 65,900 in March. After the market correction, many large investors took the decline as an opportunity and increased their positions.
According to Arab Chain’s on-chain exchange reserve analysis, the total amount of Bitcoin on platforms decreased to approximately 2,742,794 BTC, indicating that large investors have a strong tendency to hold movements in the long term.
These data reveal that with the recent rise, coins moved from platforms to personal wallets and the selling pressure decreased. The data provided by CryptoRank regarding large investors also supports this picture.
Record Increase in the Number of Users
As well as the re-accumulation of large wallets, the increase in the number of users on the Bitcoin network is also noteworthy. CryptoRank states that the number of on-chain users has reached 571 million and more than 10 million new users are added to this figure every quarter. This indicates that, in addition to the contraction on the supply side, the increase in demand continues.
Due to the fixed supply structure, the demand created by new users puts serious pressure on the market. With the last halving that took place in April 2024, the reward distributed per block decreased to 3,125 BTC, while the stock exchange reserves are at their lowest level in six years. In such an environment, the constant expansion of the user base reinforces the tendency to hold the asset.
Looking at past cycles, the number of users and assets in large wallets increased steadily in 2020 and 2021, followed by an accelerated increase in prices. Especially in the recent period when institutional interest has become evident, the purchases of ETFs belonging to asset managers such as BlackRock and Fidelity continue, while the fear index continues to decline among individual investors.
The increase in Whale purchases, record levels of BTC withdrawn from exchanges, rapidly increasing user base and ongoing institutional demand stand out as the main factors that form the background of the recent rise in Bitcoin price.
