The post Bitcoin Whale Wallets Hit Record High with 16.17 Million BTC, Analysts Predict Bullish Trend appeared on BitcoinEthereumNews.com.

Bitcoin’s metrics have reached an unprecedented high, marking a significant milestone in the cryptocurrency market. A recent analysis by crypto analytics firm Santiment sheds light on Bitcoin’s current trajectory. According to analysts, whale wallets holding large quantities of Bitcoin are painting a bullish outlook for the long term. Discover the latest bullish trends in Bitcoin as whale accumulation reaches an all-time high, indicating potential for a new rally. Read on for an in-depth analysis. Record-High Bitcoin Accumulation by Whales Recent data from Santiment reveals a noteworthy development in the Bitcoin market. Whale wallets, which are accounts holding more than 10 BTC, have accumulated a staggering total of 16.17 million BTC, marking an all-time high. This trend suggests that large-scale investors are increasingly optimistic about Bitcoin’s future prospects. Impact of Stablecoins on Bitcoin’s Market Dynamics For a new bullish rally to commence, analysts argue that increased purchasing activity from Tether (USDT) and USD Coin (USDC) holders is essential. Currently, whale wallets also dominate the stablecoin market. Specifically, wallets containing assets valued between $100,000 and $10 million hold 34.2% of the total USDC supply, reflecting a slight decline of approximately 2% over the past six months. Stablecoin Holdings and Market Sentiment In the case of Tether, these substantial wallets possess 30.3% of the total supply, which indicates a 5.37% decrease from six months ago. This redistribution of stablecoins suggests a potential shift in market sentiment, as large holders may be reallocating their assets in anticipation of market changes. Conclusion TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! The recent metrics indicating a record high in Bitcoin accumulation by whale wallets present an optimistic outlook for a new bull run in the crypto market. The significant holdings of stablecoins by large investors…

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Filed under: News - @ July 3, 2024 7:10 am