Bitcoin, the most prominent cryptocurrency globally, has displayed significant price fluctuations before the anticipated Bitcoin halving and broader economic influences. On Monday, April 15, in Asian trading sessions, Bitcoin surged to reach a peak of $67,000. However, its price plunged again, dropping down to $62,500. In spite of this market instability, large Bitcoin investors have remained optimistic and continued purchasing at lower prices.
Bitcoin Whale Accumulation
According to recent findings from crypto data analyst Santiment, Bitcoin’s significant investors have shown strength in the face of market instability. They have kept their investments despite the volatile swings that caused Bitcoin’s market worth to plummet as low as $61,500 during the weekend.
With the approaching halving on April 19th bringing uncertainty, Santiment’s research provides insight into the actions of major crypto holders since March 1st.
- Wallets holding between 100 to 1,000 BTC have accumulated a total of 43,489 coins, amounting to approximately $2.75 billion USD.
Wallets with holdings ranging from 1,000 to 10,000 BTC have accumulated 80,544 coins, valued at around $5.10 billion USD.
Meanwhile, wallets containing 10,000 to 100,000 BTC have accumulated 91,732 coins, with a total value of approximately $5.80 billion USD.
Starting the third week of April, demand for Bitcoin ETFs decreased, resulting in net withdrawals. This trend continued for four straight weeks with no significant increase in investor interest. Meanwhile, on-chain Bitcoin activity has remained quite robust, excluding transactions linked to ETF settlements.
The demand for a Bitcoin ETF has remained unchanged for the past month, but there’s been ongoing accumulation of Bitcoins on the blockchain, disregarding settlement transactions from ETFs.
— Ki Young Ju (@ki_young_ju) April 16, 2024
BTC Market Dominance at Three-Year High
The influence of Bitcoin over the cryptocurrency sector is currently at its peak after three years, primarily due to robust interest in US ETFs that invest in Bitcoin.
At the close of the previous week, Bitcoin accounted for approximately 55% of the entire $2.4 trillion digital currency market, which is similar to the proportion observed in April 2021 based on information from CoinMarketCap.
Crypto market speculators look forward to the upcoming Bitcoin halving, estimated to take place around April 20th, which will reduce the number of new Bitcoins produced by half. In the past, such events have led to price increases. However, there’s growing skepticism about whether this trend will continue given that Bitcoin has just hit an all-time high.
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2024-04-16 09:21