Large Bitcoin accounts have expanded their BTC holdings in the last few weeks amid market volatility. According to the latest data posted by the crypto analytics platform, Santiment, Bitcoin whale addresses holding between 100 and 10,000 coins now own approximately 9.13 million coins, which is nearly 49% of the total supply.
Despite the latest accumulation from the leading Bitcoin accounts, the overall activity across the BTC network has remained slow since May 2021. According to Glassnode, the total number of active BTC addresses dropped sharply in June 2021.
In addition, the Bitcoin exchange supply ratio has dipped substantially in the last month as whale BTC accounts started moving their coins from digital exchanges to crypto wallets.
“Our heavily touted price-leading Bitcoin whale holder tier have continued their accumulation in July. BTC addresses holding between 100 to 10,000 BTC now own 9.13M coins once again, their highest mark since April 14th. This is 48.7% of the total supply,” Santiment mentioned.
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In the last week of June 2021, a leading Bitcoin wallet moved 6,713 BTC from a digital wallet to Xapo. Moreover, BTC outflow from the crypto exchange, Coinbase increased during the first week of July 2021 when two crypto wallets moved a total of 7,062 BTC from Coinbase to digital wallets.
Bitcoin’s Token Circulation
In addition to the latest drop in the total number of active Bitcoin addresses, BTC’s token circulation in the past 30 days has reached its lowest level since October 2015. “As Bitcoin’s movement has continued to become more dormant while traders wait for the next major move in either direction, our 30-day tracking of unique token circulation has dropped to levels not seen since October 2015,” Santiment added.
The world’s largest cryptocurrency saw immense selling pressure in the last 24 hours as BTC dropped below $33,000. As of writing, Bitcoin is trading near $33,200 with a market cap of over $620 billion. BTC’s market dominance currently stands at around 44.3%, which is down by approximately 2% within the last 7 days.