On-chain data highlights the increasing holdings of large investors in the Bitcoin ($BTC) market. According to the shared data, wallets holding between 10 and 10,000 $BTC have purchased a total of 86,702 more $BTC in the last three weeks.
Following this accumulation, the total Bitcoin holdings in these wallets reached their highest level since April 23rd. The increase in purchases by investors holding large amounts of $BTC, often referred to as “whales” or “sharks” in the market, occurred when the Bitcoin price was approaching the $90,000 level.
According to the data, asset movements of large wallets holding between 10 and 10,000 $BTC have historically shown a close correlation with the Bitcoin price. In contrast, the movements of small wallets with less than 0.01 $BTC have occasionally mirrored those of larger investors.
