Recent on-chain data indicates that large Bitcoin wallets, often referred to as “sharks” and “whales,” have experienced a noteworthy increase, suggesting that confidence in the digital asset could be on the rise. This information comes from a new report by on-chain analysis company Santiment.
The ‘Supply Distribution’ measure, which among other factors, tracks the number of wallets belonging to a specific group, shows interesting trends for substantial holders of the cryptocurrency. These groups, or cohorts, are distinguished based on the quantity of tokens they hold.
For example, the cohort holding between 1 and 10 tokens is one group. However, the focal point here is the group possessing more than 10 tokens, with no upper limit. As per the current exchange rate, this translates to approximately $821,000, indicating that only significant investors qualify for this category, notably the ‘sharks’ and ‘whales’.
Entities with larger holdings have increased influence over the market. Therefore, trends regarding these ‘sharks’ and ‘whales’ are crucial to observe. The Supply Distribution provides one method of tracking these key investors. The recent chart presented by Santiment depicts the trend of this metric over the previous few months:
As shown in the chart, the Bitcoin Supply Distribution for the group holding more than 10 coins was on a slow downward trajectory in recent weeks. However, there has been a positive shift in the last day. This indicates that the number of ‘sharks’ and ‘whales’ is once again increasing.
This resurgence in large entities coincides with US President Donald Trump’s announcement of a 90-day suspension of tariffs for most countries. This decision, following the fear and uncertainty that led to a market crash, has resulted in a rebound for Bitcoin and other digital assets.
During this recovery, the number of wallets holding more than 10 coins has increased by 132, the largest surge since February 20. Santiment views this as a sign of heightened confidence among significant stakeholders in the crypto market.
It remains to be seen whether these high-value investors will continue to invest in Bitcoin in the forthcoming days. At the time of writing, Bitcoin is trading at roughly $82,100, marking a 1% decrease over the past week.
