Santiment’s on-chain data shows a significant increase in the number of Bitcoin whale and shark wallets, with 261 new wallets holding more than 10 BTC in July.
After a sell-off earlier this week, the world’s largest cryptocurrency has rebounded again above $58,000, showing strength here. On-chain data shows that the total number of Bitcoin wallets holding more than 10 BTC has grown in recent weeks.
Bitcoin whale and shark wallet numbers surge
On-chain data provider Santiment has reported a significant increase in the number of Bitcoin whales and shark wallets, which have snatched BTC from small traders who continue to sell their holdings during the recent drop.
In addition, CryptoQuant CEO Ki Young Ju also said that BTC permanent holders (mainly custodial wallets with no outflow) have accumulated a total of 85,000 bitcoins in the past 30 days. Ju mentioned that these wallets are different from ETFs, exchanges, and miners. During the same period, 16,000 BTC were withdrawn from ETF holdings. Although some market participants are panic selling, others are actively buying.
Another positive development is that inflows into Bitcoin ETFs have rebounded again, with BlackRock’s IBIT taking the lead amid the recent BTC price rally.
BTC network fees are lower than Ethereum
The CryptoQuant CEO also highlighted BTC’s suitability for peer-to-peer (P2P) payments. Contrary to the popular belief that Bitcoin transaction fees are always higher than Ethereum, data from 2021 shows that Bitcoin fees are generally lower. As of now, the average transaction fee for Bitcoin is $0.40, while Ethereum is $0.68.
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