Crypto Whale Watch: 16 Bitcoin (BTC) Addresses Added in a Single Day

Crypto News– In a significant development, the realm of Bitcoin has witnessed a remarkable surge in the number of whale addresses, with 16 fresh addresses emerging in a span of 24 hours, as per a report by Santiment.

Crypto Whale Watch: 16 Bitcoin (BTC) Addresses Added in a Single Day

This notable upswing aligns with Bitcoin’s persistent efforts to breach the crucial $27,000 resistance level. Data from Santiment underscores that this surge in whale addresses, particularly those holding a balance between 100 and 1,000 BTC, stands as the most substantial one-day increase since February 28, 2022.

Following the addition of these new addresses, the total count of addresses within this cohort now tallies up to 13,967. Nevertheless, it’s important to note that part of this growth stems from smaller wallets advancing to the next tier. Currently, there are 140,210 addresses housing between 10 and 100 BTC.

Earlier, Santiment unveiled a historic surge in wallets containing a minimum of 10 BTC since February 2022. From March 2022 onwards, there have been 11,806 fresh addresses with holdings of 10+ BTC, indicating an 8.12% increase in these retail-oriented addresses.

BTC Price Action

During the month of October, Bitcoin encountered significant hurdles, resulting in a decline in its value from over $28,000 at the beginning of the month to a level as low as $26,900. The firm revealed that BTC miners offloaded more than 20,000 BTC within the week, marking the most substantial volume of sales since April. Additionally, the firm stated:

This suggests that miners are capitalizing on higher Bitcoin prices to offset their operational costs. While not uncommon, it can add significant sell pressure to the market.