As an experienced analyst, I find the recent surge in large Bitcoin (BTC) wallets accumulating substantial amounts of coins to be a noteworthy development. With these wallets holding over 10,000 BTC each, they now represent the highest levels seen since November 2018. These entities have been the primary beneficiaries of the market’s volatility in the past six weeks, amassing an additional 212,450 BTC.
As an analyst, I’ve noticed an intriguing turn of events: wallets containing over 10,000 Bitcoin (BTC) have amassed the most coins they have in the past six years. According to recent data from Santiment, these significant wallets now hold approximately 3.19 million Bitcoins. This milestone was last reached back in November 2018.
Over the past six weeks, these substantial Bitcoin wallets have significantly gained from the market’s price swings, amassing a total of 212,450 BTC. With Bitcoin’s value undergoing frequent changes, these wallets have seen their holdings expand by nearly 1.05% of the entire Bitcoin circulation.
Over the past six weeks, wallets holding more than 10,000 Bitcoins have significantly gained from the market volatility. It’s estimated that around 212,450 additional Bitcoins (worth over $67 billion) have been accumulated by these large addresses. This represents a nearly 1.05% increase in the total Bitcoin supply. These wallets are believed to include a substantial number of exchange liquidity providers.
— Santiment (@santimentfeed) July 5, 2024
As a crypto investor, I’d interpret Santiment’s findings as follows: According to their analysis, a significant number of large Bitcoin addresses might be belonging to exchanges that provide liquidity. These entities are essential for ensuring that there is sufficient buying and selling power available on different trading platforms at all times, enabling the market to function smoothly.
What’s next for BTC price?
The cost of a Bitcoin coin dropped to $53,500 on Friday, marking a level last seen in February. However, since then, the price has slightly recovered, and it was currently being traded at $57,932.57, representing a 3.4% decrease as of the present moment.
In March of this year, Bitcoin reached a new peak of over $73,700 after the Securities and Exchange Commission gave its approval for the first Bitcoin spot exchange-traded fund (ETF) in the United States.
After that point, Bitcoin’s prices have been fluctuating between $60,000 and $70,000, leading to a lack of enthusiasm among investors and a stagnant market. Consequently, there’s been considerable uncertainty and the market has struggled to establish a clear direction.
As a researcher studying Bitcoin market trends, I’ve come across Glassnode’s analysis indicating that the True Market Mean for Bitcoin lies at around $50,000. This figure signifies the average cost basis for active investors in the market. Maintaining this price level is crucial for the continuation of the ongoing bull market.
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2024-07-06 23:01