On the 23rd, according to the on-chain tracking agency Whale Alert, a giant whale holding 81 bitcoins was reactivated after 10.9 years and transferred the funds in the wallet. According to statistics, its book profit exceeded 11507%. The crypto community attaches great importance to this, focusing on the possibility that this move is related to Satoshi Nakamoto, the "Father of Bitcoin".
As soon as the Whale Alert monitoring data was released, opinion leaders in the crypto community made the comment “Satoshi Nakamoto, is that you?” and even suggested that the recent awakening of early giant whales was abnormal, believing that something might be brewing.
CoinTelegraph analyzed the recent movements of giant whales and found that the number of giant whale wallets containing 1,000 or more Bitcoins has increased by nearly 3.5% in the past 52 weeks. At the same time, the number of wallets containing 0.0001 or less Bitcoins has increased by 75%.
On the surface, these numbers suggest growth on both ends. However, a disaggregated examination shows that the Bitcoin middle class (people holding between 1 and 10 Bitcoins) appears to be shrinking.
The number of wallets holding 1 to 10 bitcoins fell by 0.35%, while the number of wallets holding 10 to 100 bitcoins fell by more than 3%.
The only other category that did not grow was wallets with 10,000 bitcoins or more, the data showed.
It is worth noting that the wallets mentioned in the above data do not necessarily represent individual Bitcoin users. Many wallets may be associated with the same person or organization. Other wallets may be abandoned wallets.
The increase in the number of underlying wallets could indicate a lingering sell-off following events such as Bitcoin’s all-time highs and halvings.
On the other hand, the decrease in the number of whales holding more than 10,000 Bitcoins is consistent with the increase in the number of whales holding between 1,000 and 10,000 Bitcoins.
Statistically, this suggests that a large portion of wallets holding a mid-range amount of Bitcoin have fallen back down to near zero on a scale of 1 to 100.
If this is the case, then a large portion of wallets holding between $26,542 and $2,654,200 worth of Bitcoin as of October 2023 have reduced their holdings over the past year.
On the bright side, the number of Bitcoin wallets holding $1 million has increased by about 25% since the beginning of 2024.
