Large Bitcoin Transactions are gaining traction.
In the last 11 months, BTC transfers for $1 million or more have increased from 30% to 70% of all transfers.
With huge transactions, Bitcoin whale accounts are dominating the BTC network.
According to the latest data from Glassnode, a crypto analytics platform, Bitcoin transactions over $1 million or more have surged fast since September 2020.
Compared to just 30% in September 2020, large BTC transfers now account for approximately 70% of all value moved.
Small Bitcoin transactions, on the other hand, have seen a dramatic decline in popularity during the same time period.
Since the beginning of 2021, bitcoin whale accounts have accelerated the accumulation of the world's largest cryptocurrency, owing to a rise in its price and institutional usage.
Bitcoin billionaire accounts owning between 100 and 10,000 BTC added roughly 100,000 coins in the last week, according to Santiment, a crypto data provider.
“If we look at the size of Bitcoin transactions, we can see that there is a clear trend at work.
Since September 2020, the dominance of large-scale transactions worth $1 million or more (23 BTC or more at $43.5k) has climbed from 30% to 70% of total value transferred.
As the market fell to lows of $29k in late July, the $1M to $10M transaction category saw a significant increase in dominance, jumping by 20%.
“This week, the dominance of $10M+ volume was followed by a spike of 20% domination, bolstering the price rally,” Glassnode explained.
“This implies that these large-scale transactions are more likely to be accumulators than sellers, which is, once again, pretty supportive of the price,” the firm stated.
The Supply-Demand Ratio on the Bitcoin Exchange
Leading Bitcoin whale accounts are shifting their digital assets from crypto exchanges to unknown wallets, in addition to amassing the world's largest cryptocurrency.
“The BTC/USD exchange rate has now dropped to its lowest level since June 2019.”
This 26-month low should be considered as a source of comfort for Bitcoin holders, as major exchange selloffs are less common when less supply is at risk on exchanges, according to Santiment.