While the price of Bitcoin has been moving down over the last few days, massive investors – colloquially referred to as whales – have kept on accumulating BTC to the point the holdings of wallets with 10 or more BTC are now at a two-year high.

According to data shared by on-chain analytics firm Santiment, these wallets holding 10 ore more BTC have collectively just matched the holdings they had back in June 2022, collectively holding around 16.16 million BTC or 82% of the cryptocurrency’s supply.

Bitcoin’s market value, the firm adds, has risen by more than 220% since whales held this much BTC, although two years ago the figure represented nearly 85% of the cryptocurrency’s supply.

This upswing suggests a continued belief in Bitcoin’s long-term potential, even amidst price volatility and regulatory hurdles. It could also signal underlying strength in the market, potentially bolstering broader sentiment.

Notably some have suggested that tracking Bitcoin whales could be “useless” for cryptocurrency traders, as whale movements can easily be misinterpreted and fail to be a reliable indicator of market trends.

Analysts have cautioned against using whale metrics as actionably market insights, as often the data may be incomplete or needing additional context.

The whale accumulation comes at a time in which cryptocurrency price have started dropping from a recent high, with BTC failing to remain above the $70,000 mark and moving to around $65,000 at the time of writing.

Notably, Binance CEO Richard Teng has recently shared that he believes the flagship cryptocurrency will surpass the $80,000 mark before the end of 2024. However, his outlook for 2025 is even more bullish, as he expects improving macroeconomic conditions to create a more favorable environment for the crypto industry as a whole.

Featured Image via Pixabay