2-year high for Bitcoin’s whales – What does that mean for you?
The post 2-year high for Bitcoin’s whales – What does that mean for you? appeared on BitcoinEthereumNews.com.
Whale wallets accumulated over 7 million BTCs Cryptocurrency has stayed above $66,000 despite declines on a few fronts Bitcoin whale wallets have been consistently accumulating BTC over the years, hitting a record level of holdings recently. Simultaneously, BTC has reclaimed a price level from which it had previously declined, indicating potential recovery or stabilization in its market price. An increase in the number of new addresses has accompanied this resurgence in price too. Bitcoin whale wallets hit a milestone According to data from IntoTheBlock, Bitcoin whales have reached a significant milestone in their accumulation efforts. The balance of wallets holding 1,000 or more BTC has climbed to over 7.9 million Bitcoins. If calculated at the current market rate, these holdings would be valued at nearly $529 billion. This amount represents a significant portion of Bitcoin’s total market capitalization, which stands at over $1.3 trillion. This level of accumulation is noteworthy since it is yet to be seen in the last two years, indicating a significant hike in holdings from these wallets. Such a trend means that these major investors are either holding onto their positions with more conviction or actively accumulating more BTC. Either way, it is betting on its long-term value, despite any short-term market volatility. Slight spike in new Bitcoin addresses The aforementioned data analysis also pointed to a positive trend in Bitcoin’s network, one marked by both the growing holdings of Bitcoin’s whale wallets and a hike in the number of daily new addresses. After recording a sharp decline on the charts, the number of new Bitcoin addresses began to rise around 13 July, from approximately 244,578 to nearly 291,000. Source: Glassnode This uptrend in new address creation is a sign of renewed interest or influx of new participants. The growth in new addresses can contribute to…
Filed under: News - @ July 21, 2024 9:22 pm