Bitcoin’s ownership distribution is a critical indicator of market dynamics. According to the latest analysis from Santiment, some intriguing shifts in Bitcoin ownership patterns have emerged, shedding light on the evolving dynamics within the crypto market.
The crypto analytics firm revealed that Bitcoin’s non-whale wallets have not hit a new peak.
Bitcoin Non-Whale Addresses Peak
Bitcoin non-whale addresses are essentially defined as such with under 100 BTC. Santiment noted that this cohort of market participants has climbed to a new all-time high level, now owning 41.1% of the available supply. This suggests a growing interest in Bitcoin among retail investors and smaller players in the market, a trend that has been steadily building over time.
In contrast, whales – defined as entities holding between 100 and 100,000 BTC – have seen their collective holdings drop to 55.5% of the total Bitcoin supply. This marks their lowest ownership level since May. It’s worth noting that whale activity has historically played a significant role in Bitcoin’s price movements.
🐳📉 #Bitcoin‘s non-whale wallets, defined as addresses with under 100 $BTC, have climbed to new #AllTimeHigh levels, now owning 41.1% of the available supply. Meanwhile, whales with 100 to 100K, own 55.5% of the supply, their lowest amount held since May. https://t.co/JktSd6yM6Z pic.twitter.com/f2cwYZ3MTX
— Santiment (@santimentfeed) September 21, 2023
Meanwhile, CryptoQuant’s chart shows a consistent decline in Bitcoin outflows from exchanges since July 2021. According to the latest data, there are just over two million BTC remaining on exchanges. Reduced Bitcoin holdings on exchanges can be seen as a sign that more investors are opting to hold their assets in private wallets, a move often associated with a long-term bullish sentiment.
Bitcoin Balance on Exchanges and Outflows
Delving deeper into the exchange data, CoinGlass’s Bitcoin Exchanges Balance tracker reveals the circulating BTC held by major CEXs. Binance, one of the largest crypto exchanges globally, tops the list with approximately 543,892 BTC in its reserves. However, Binance has experienced significant Bitcoin outflows in the past month, with 15,597 BTC withdrawn, possibly indicating a shift towards self-custody solutions.
Coinbase Pro follows closely behind with 436,235 BTC, but it also witnessed a net withdrawal of 210 BTC in the same period. Similarly, Bitfinex holds 368,856 BTC, with an outflow of over 5,183 BTC during the past month.
One intriguing outlier in this exchange balance data is OKX, which recorded a notable inflow of Bitcoin in the last 30 days, receiving 4,642 BTC onto its platform while maintaining a balance of 124,017 BTC. This unique influx suggests a specific market dynamic surrounding OKX, potentially indicating that it is attracting new traders or investors.
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