How much bitcoin did the whales buy in 2024?

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Since 2024, Santiment, a blockchain analytics company, has been discussing the changes in BTC holdings of "whales" and "sharks" in their article. One notable metric is the "supply distribution," which illustrates the total BTC holdings of different wallet groups on the network. Addresses are classified into different wallet groups based on the amount of BTC in their current balance.

In this context, two groups are particularly relevant: "sharks" and "whales." "Sharks" typically refer to investors holding 100 to 1000 BTC, while "whales" refer to those holding 1000 to 10000 BTC.

Given that "whales" and "sharks" hold substantial amounts of BTC, they wield significant influence in the market. While individual investors' actions usually don't cause significant market fluctuations, the collective actions of these groups can have a substantial impact on the cryptocurrency asset market.

The chart below depicts the BTC supply distribution trends of these two investor classes over the past year:

According to the data provided, since the beginning of this year, there has been a sharp increase in the BTC supply held by "whales," while the supply held by "sharks" has significantly decreased. In the 1000-10000 BTC wallet group, there has been a net increase of 248,900 BTC, whereas in the 100-1000 BTC wallet group, there has been a net sell-off of 151,200 BTC. Based on current asset prices, the value of these two transactions is approximately $13 billion and $8 billion, respectively.

Although "sharks" have engaged in some selling, the buying activity of the more influential "whales" has offset these losses. In terms of net worth, these large holders have accumulated $5 billion worth of funds for the market. In fact, some apparent selling in the "shark" group may be due to certain members purchasing enough BTC to surpass the 1000 BTC threshold, thereby becoming members of the "whale" group.