Bitcoin's 30% rebound in two weeks puts Bitcoin whales back in accumulation mode

The number of addresses holding at least 1,000 bitcoins has increased in recent weeks.

Addresses holding at least 1,000 bitcoins, so-called whales, have started accumulating more coins during the recent market recovery. According to Coin Metrics, the addresses had a combined supply of 8.096 million BTC as of February 10, compared to 7.95 million on January 24.

Bitcoin whales and institutional inflows

During Bitcoin's recovery over the past two weeks, buying sentiment among the wealthiest cryptocurrency investors has risen as Bitcoin rallied from a 2022 low of $33,000 on Jan. 24 to around $43,500 on Feb. 11. rise.

Bitcoin's 30% rebound in two weeks puts Bitcoin whales back in accumulation mode

Bitcoin supply in address exceeds 1,000 Source: Coin Metrics, Messari


During the recent bitcoin price rally, small bitcoin investors (so-called "fish") with addresses holding less than 1 BTC also joined the accumulation frenzy.

At the same time, the data resource Ecoinometrics presents the Coin Metrics data in the form of clusters, showing the simultaneous accumulation behavior of Bitcoin whales and fish.

Interestingly, these clusters look the same as before BTC hit an all-time high of $69,000 in November 2021.