New data from market intelligence firm CryptoQuant reveals that new Bitcoin (BTC) wallets now account for a staggering 9.3% of the crypto tycoon's total supply.
In a thread on social media platform
New whale wallets are defined as having an average coin issue date of less than 155 days.
“The new Whale wallets currently hold 1.97 million Bitcoins. Each holding is over 1,000 BTC, and the average shelf life of coins is less than 155 days, excluding exchange and miner wallets. Their BTC balance has surged 813% year-to-date, accounting for 9.3% of total supply and being worth $132 billion today.”
According to Zhu, institutional demand for Bitcoin has changed the “gambling” nature of BTC and encouraged larger, longer-term positions.
“At first, I thought this might be a data error because the numbers seemed unrealistically high.” It's like getting an additional 8.2%.
Bitcoin’s cap table is becoming more diverse with the entry of institutional investors. No one calls Bitcoin gambling anymore, and I feel the atmosphere is becoming more mature. ”
Zhu also notes that apparent demand (an on-chain metric used to compare changes in BTC production and inventory) is back in the green again.
At the time of writing, Bitcoin was trading at $67,639, up 2.64% in the past 24 hours.
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