Bitcoin Whale Wallets Reach 17-Month High Amid Price Decline

The number of Bitcoin wallets holding 100 or more BTC has surged to a 17-month high, even as cryptocurrency prices have continued to decline. According to data from blockchain analytics firm Santiment, over 283 wallets crossed the 100 Bitcoin threshold in August alone. This increase has brought the total number of such “whale” wallets to 16,120, the highest since early 2023.

“As crypto prices have let retail traders down, Bitcoin whales are growing in number. A net gain of +283 wallets holding at least 100 BTC has emerged in just one month,” Santiment said in a post on X (formerly Twitter).

Sharks Also Boost BTC Holdings

The trend of accumulation isn’t limited to the largest Bitcoin holders. Wallets holding at least 10 Bitcoins, often referred to as “sharks,” have also increased their holdings during this period. Santiment’s data suggests that these wallets, ranging from 10 to 10,000 Bitcoins, have collectively accumulated over 133,000 BTC in the past 30 days, valued at more than $7.6 billion.

This uptick in whale and shark activity is occurring as Bitcoin’s price has seen a notable drop. Adam Back, CEO of Blockstream and the inventor of Hashcash, observed that since Bitcoin’s price fell from over $62,000 to around $58,000 on August 28, whales have been aggressively buying. “Whales are back, buying 450 BTC per day every minute all day long since the dip on the 28th, same as Bitcoin mined per day. Go ahead, sell them cheap corn,” Back remarked.

Santiment’s analysis indicates that smaller traders, facing price drops below their entry points, might be offloading their holdings, which whales are eager to absorb. Crypto analyst and CryptoQuant contributor Axel Adler Jr speculated on September 1 that these traders could be feeling pressure to sell as prices continue to decline. “In the current bull market, the metric has not fallen below 17%. The current figure is -8%. If it continues to decline, the number of people willing to sell coins at a loss could double,” Adler warned.

The Crypto Fear and Greed Index, which measures market sentiment, currently sits at 26, indicating a state of “Fear.” Throughout August, the index recorded more days in fear territory than in greed, with an average rating of 37.

Bitcoin Millionaires Double in Number

The growth in whale wallets comes alongside a sharp increase in the number of crypto millionaires. There are now 85,400 crypto millionaires globally, marking a 111% increase from the previous year. Additionally, there has been a 95% rise in the number of individuals holding over $1 million in cryptocurrencies, totaling approximately 172,300.

The number of crypto-rich individuals has grown significantly across all levels of wealth. The ranks of crypto “centi-millionaires” — individuals with more than $100 million in digital assets — have swelled by 79%, now numbering 325 people. Furthermore, six new crypto billionaires were minted over the past year, bringing the total number of nine-figure crypto holders to 28.

For the third consecutive year, Changpeng Zhao, the founder and former CEO of Binance, tops Forbes’ list of the richest crypto billionaires, with an estimated net worth of $33 billion.