Bitcoin’s ‘7-year’ high – Here’s what it means for traders like you!
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Bitcoin’s cost basis revealed stark contrast between long-term holders and recent buyers SOPR maintained 1.04 level as whale addresses accumulated through the $105K test Bitcoin’s market structure has been noting a significant shift after whale addresses reached levels not seen since December 2017. The shift seems to be corresponding with the crypto’s price action testing the crucial resistance above $105,000. This institutional positioning comes amid a clear divergence between long-term and short-term holder behavior. The trend also paints a compelling picture of market maturity. Strategic Bitcoin whale positioning intensifies At the time of writing, the number of addresses holding at least 100 Bitcoin had surged to 17,799 – Marking its second-highest level since December 2017. This milestone coincided with BTC’s latest push to $105,841.64 – A sign of strategic accumulation by institutional players. Source: Santiment Particularly noteworthy is the steep accumulation pattern that began in October 2024, when whale addresses numbered around 16,200 – Representing a nearly 10% hike in large-holder concentration over just three months. The acceleration in whale accumulation during the November-December period notably corresponded with Bitcoin’s sustained break above the $90,000-level. Bitcoin’s market structure signals maturity Further strengthening this bullish narrative, Bitcoin’s cost basis distribution highlighted a telling market dynamic. The data showed unrealized losses exclusively concentrated among short-term holders who entered positions within the last 155 days. Long-term holders maintain significant unrealized profits, with substantial accumulation zones visible in the 20,000-40,000 BTC range. Source: Glassnode Most striking seemed to be the contrast between long-term holder behavior, as highlighted by the blue bars clustering around lower price levels, and short-term positions marked in red at higher prices. Exchange holdings, represented by gray bars, underlined periodic spikes above 600,000 BTC. This, again, hinted at strategic institutional positioning rather than panic selling. Strong technical foundation supports BTC’s uptrend Supporting…
Filed under: News - @ January 19, 2025 12:18 am