Bitcoin Accumulation Surge: Large Holders Control 20.3% Of Circulating Supply Amid Market Pressures
The post Bitcoin Accumulation Surge: Large Holders Control 20.3% Of Circulating Supply Amid Market Pressures appeared on BitcoinEthereumNews.com.
Addresses holding between 100 and 1,000 BTC have significantly increased their share of the circulating Bitcoin supply, now controlling 20.3%, or approximately 4.01 million BTC. This represents a 5% rise from the 3.82 million BTC held six months ago, indicating a growing trend of accumulation among large holders. Addresses holding between 100 and 1,000 BTC now control 20.3% of the circulating supply, equivalent to 4.01 million BTC. This marks a 5% increase from 3.82 million BTC six months ago, highlighting growing accumulation by large holders pic.twitter.com/JwkxBgWmDS — IntoTheBlock (@intotheblock) September 8, 2024 The Bitcoin market faces critical support and resistance levels as the $54,240 support zone comes under scrutiny. $24 million in liquidations are on the line at @binance if #Bitcoin falls to $54,230! pic.twitter.com/kbI2P5sVqj — Ali (@ali_charts) September 9, 2024 A drop below this level could trigger a decline to $41,100, according to the Bitcoin MVRV Pricing Bands. Adding to the pressure, there are $24 million in liquidations at stake on Binance if Bitcoin falls to $54,230. According to the #Bitcoin MVRV Pricing Bands, the $54,240 support level is crucial to monitor. A breach of this level could lead to a correction down to $41,100! pic.twitter.com/7BQnzPK8Wt — Ali (@ali_charts) September 9, 2024 Bitcoin Spot ETFs Recorded Over $706 Million Last week saw significant outflows from Bitcoin spot ETFs, totaling $706 million. None of the 12 Bitcoin spot ETFs experienced inflows. Grayscale’s GBTC ETF reported a net outflow of $160 million, while Fidelity’s FBTC ETF saw $404 million in outflows. These substantial withdrawals highlight a bearish sentiment in the market and increased selling pressure on Bitcoin. Bitcoin spot ETFs had a net outflow of $706 million last week, and none of the 12 Bitcoin spot ETFs had a net inflow last week. Grayscale ETF GBTC had a weekly net outflow…
Filed under: News - @ September 10, 2024 7:24 am