- There has been an increase in BTC whale holdings so far this year.
- The recent rise in the coin price has seen miners take profits.
Bitcoin [BTC] has seen a significant increase in whale gatherings since the start of the year, as noted by IntoTheBlock in a recent post on X (formerly Twitter).
This trend, coupled with overall market sentiment, has seen the leading cryptocurrency hit a three-year high.
At press time, BTC was trading at $61,969. According to data from CoinMarketCap, the coin's value has increased by almost 50% in the last month.
AMBCrypto noted that this period was marked by a significant increase in inflows from large coin holders.
According to IntoTheBlock, major BTC holders refer to investors with over 0.1% of the circulating coin supply.
If the inflow of large holders of the coin increases, it suggests that there is strong buying activity among this investor cohort.
Over the last month, the influx of large BTC investors has increased by a whopping 573%.
This suggests that BTC investors, who represent over 0.1% of the coin's circulating supply, have accumulated a significant portion of the coin on centralized exchanges and moved their acquisitions to cold storage.
Source: IntoTheBlock
Conversely, over the same period, outflows from this BTC investor class fell sharply, according to IntoTheBlock data. Over the past 30 days, outflows from large BTC holders have dropped by 95%.
Miners collect their profits
BTC’s recent rise above $64,000 has led to an increase in profit-taking among miners on the network.
According to data from CryptoQuant, BTC miner reserve, which measures the amount of coins held in affiliated miners' wallets, saw a slight decline over the last week.
During this period, the amount of coins held in these wallets fell by 0.4%. At the time of this writing, there are 1.8 million BTCs in miner wallets, the lowest since March 2021.
If this metric falls, it indicates an increase in coin sales among network miners.
Source: CryptoQuant
Likewise, there was an increase in miner-to-exchange flow during the reporting period.
Read Bitcoins [BTC] Price prediction 2024-2025
In fact, the metric climbed to a three-month high on March 1, when 2,349 BTCs were sent to exchanges to be resold from miners' wallets.
Source: CryptoQuant
The metric tracks the amount of coins flowing from miners to exchanges. If its value increases, it means that miners are selling more BTC than they are mining for profit.
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