On-chain data shows the large Bitcoin wallets have witnessed notable growth recently, a sign that confidence around the asset may be going up.
Bitcoin Wallets With 10+ Tokens Have Seen Their Count Go Up Recently
In a new post on X, the on-chain analytics firm Santiment has discussed about how the trend in the Supply Distribution has looked for the cryptocurrency’s key holders.
The “Supply Distribution” here is an indicator that measures, among other things, the number of wallets that belong to a particular group. The investors or addresses are divided into these cohorts based on the number of tokens that they are holding in their balance.
The 1 to 10 coins group, for instance, includes all investors who own between 1 and 10 tokens. In the context of the current topic, the coin range of interest is the 10+ coins one (with the upper limit being infinity).
At the current exchange rate, the cutoff for this range converts to around $821,000, so the only investors who would be able to qualify for it would be the large ones. Two key cohorts in particular fall in this range: the sharks and whales.
The influence of any entity in the market goes up the more coins that they hold, so the sharks and whales with their sizeable holdings can occupy an important spot in the ecosystem. As such, the trends related to them can be worth keeping an eye on.
The Supply Distribution allows for one such way to track these investors. Below is the chart for the indicator shared by the analytics firm that shows the trend in its value over the last few months:
As displayed in the graph, the Bitcoin Supply Distribution for the 10+ coins range was following a slight overall downtrend during the last few weeks, but in the past day, the metric’s value has seen a turnaround.
This suggests that the sharks and whales are now growing in number again. The reversal in the population of these large entities has come as US President Donald Trump has announced a 90-day pause on the tariffs for most countries.
The tariffs had earlier unleashed FUD on the market, leading to a crash for BTC and other digital assets. With the news of the pause, however, the coins have shown a rebound.
During the jump, wallets with 10+ coins have gone up by 132, which is the largest jump since February 20th. The analytics firm notes that this indicates “a higher level of confidence from crypto’s key stakeholders.”
It now remains to be seen whether the big-money investors would continue to buy into Bitcoin in the coming days or not.
BTC Price
At the time of writing, Bitcoin is trading around $82,100, down around 1% in the last week.
