Yuri Molchan

Major crypto holders continue to accumulate Bitcoin, bringing in nearly 2 million BTC since 2017, a report says

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60K BTC added in the last two months, 1.7 million BTC bought since 2017Bitcoin Social Dominance Collapses

As reported by popular on-chain data provider Santiment, major Bitcoin holders – commonly known as whales in the crypto space – continue to accumulate the flagship cryptocurrency. This time, the company shared a report on BTC whales that have at least 100 BTC in their wallets.

According to another source, these 100+ BTC wallets contain a whopping 3.9 million Bitcoins (nearly 21% of all circulating BTC).

60K BTC added in the last two months, 1.7 million BTC bought since 2017

Over the past two months, when Bitcoin fell quite rapidly from the $57,000 level and hit a low of $33,700 on January 24, owners of BTC wallets with more than 100 coins have continued to add the leading crypto to their holdings. .

Since December, they have added about 60,000 Bitcoins to their holdings, which is the equivalent of a whopping $2,200,026,000 at the current exchange rate of $36,592.

In all, in the past five years since 2017, according to the Santiment report, these whales have acquired a staggering 1.7 million BTC, including the said 60,000 coins.

That amount, 1.7 million Bitcoins, is worth $62,334,070,000 at the time of writing.

🐳 #Bitcoin whale addresses with 100+ $BTC continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. 1.7 M . in the past 5 years $BTC has been added to these major addresses, including 60k more in the past 2 months. 📈 https://t.co/VVNPS2hUEI pic.twitter.com/FvpuZoimnT

— Santiment (@santimentfeed) January 27, 2022

According to BitInforCharts, wallets with 100-1,000 BTC stored in them include 13,808 addresses and hold 3,956,271 BTC worth $144,901,597,476. That is 20.89% of all Bitcoin in circulation.

Image via BitInfoCharts

On January 20, U.Today reported that whales had acquired 40,000 Bitcoins before the price fell below the $42,000 level.

Bitcoin Social Dominance Collapses

Santiment also shared that Bitcoin has been losing its social dominance since last year. After the profitable year that 2021 happened to be for altcoin holders, now crypto holders are discussing half the amount compared to the previous year.

As a rule, Bitcoin’s price dominance and BTC’s social dominance are both at a high level. In 2022, only the first is high so far, Santiment says.

🙊 #Bitcoin‘s price dominance is often discussed in #crypto circles. But social dominance is also important. After #altcoins‘great 2021, $BTC is being discussed at less than half the pace of a year ago. Usually high $BTC social dominance is ideal. https://t.co/Cy1RMU9No1 pic.twitter.com/01znlHRQoN

— Santiment (@santimentfeed) January 28, 2022