Bitcoin whales hit 20 month peak in activity as BTC price sustains above $51,000

Bitcoin price sustained above the $51,000 mark after a weeklong uptrend. Bitcoin’s rally has catalyzed whale accumulation in different cohorts, supporting BTC price gains. 

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Bitcoin whales accumulate billions of dollars in BTC in 2024

Data from on-chain intelligence tracker Santiment reveals that whales have engaged in the highest level of activity seen in 20 months. Large wallet investors are independent from the massive inflows to Bitcoin’s ETF and there has been a significant shift in the Bitcoin supply held by different cohorts of whales. 

Bitcoin whales holding between 1,000 and 10,000 BTC in their wallets added $12.95 billion worth of the asset in 2024. The cohort holding between 100 and 1,000 BTC in their portfolio shed their holdings by $7.89 billion. 

Bitcoin whale activity and accumulation. Source: Santiment 

With Bitcoin’s rally past the $52,000 level in the past five days, there has been a spike in whale transactions valued at $100,000 and higher, as seen on Santiment. This metric hit its highest level since June 2022. These metrics support the thesis that Bitcoin’s recent price move generated interest among market participants this week. 

Bitcoin price declined slightly on Saturday after a weeklong rally. BTC price sustained above the $51,000 level. BTC is likely to rally towards its previous all-time high of $69,004.