• Bitcoin whales have invested over $750 million into the king crypto during the last three months.
• According to Santiment, these deep-pocketed investors own 11.5 million BTC, which is over half of BTC’s supply.
• Whale activity around Wrapped Bitcoin (wBTC) has seen a major spike in activity as well.
Bitcoin Whales Invest Over $750 Million
New data from market intelligence firm Santiment reveals that deep-pocketed Bitcoin (BTC) investors have splurged over $750 million on the king crypto during the last three months.
Over Half of Existing Supply Owned by Whales
According to Santiment, Bitcoin millionaires and billionaires have ramped up their activity since May, accumulating the top crypto asset by market cap at a high rate, pushing their total amount of BTC owned up to 11.5 million, which is over half of BTC’s overall supply.
Major Spike in wBTC Activity
Furthermore, the crypto analytics platform notes that whale activity centered around Wrapped Bitcoin (wBTC) has seen a major spike in activity as well. According to the data, on-chain transaction volume of wBTC is at the highest it has been in over a month as high-net-worth traders move the digital asset out of crypto exchange platforms.
Current Price Action
Bitcoin is trading for $29,280 at time of writing, a fractional decrease during the last 24 hours.
Takeaways
The report from Santiment highlights an increased level of whale activity within the cryptocurrency space with Bitcoin being one of their main focuses. This newfound bullish sentiment amongst whales could be an indication that more big money investors are looking to invest in cryptocurrencies and could potentially lead to higher prices for Bitcoin and other digital assets going forward.