With Bitcoin‘s price hovering around $66,500, significant on-chain activity indicates that Bitcoin owners are exchanging large quantities of coins among themselves. Bitcoin’s wealthy investors, or “whales,” have become active once more, while earlier holders have been distributing their Bitcoins.
Old Bitcoins Moving To New Holders
The CEO of CryptoQuant, Ki Young Ju, announced that Bitcoin’s average inactivity level has hit a record high in the past 13 years. This increase implies that a large amount of Bitcoin previously held by long-term owners has been transferred to new users.
Observing the current trends suggests a possible shift in Bitcoin’s ownership structure, leaving many wondering who the new significant investors in this cryptocurrency might be.
The average inactivity period for Bitcoins reached an all-time high of 13 years recently, implying that older Bitcoins have been moved to new wallets.
The cap table for Bitcoin is shifting, potentially altering the ownership landscape.
Who are the new major shareholder(s)?
— Ki Young Ju (@ki_young_ju) April 24, 2024
After the introduction of Bitcoin spot ETFs in January this year, there has been a significant increase in investments flowing into these funds. Simultaneously, these ETFs have been purchasing substantial amounts of Bitcoin due to robust demand from their clients.
In addition, large investors in the Bitcoin market, referred to as “whales,” have been buying large quantities of Bitcoin. Data from the analytics platform Santiment indicates that this accumulation by whales holding between 1,000 and 10,000 BTC has contributed to the recent rise in Bitcoin’s price.
Starting from early 2024, these significant players have acquired an extra 266,000 Bitcoins, which is roughly 1.24% of the entire Bitcoin supply. At the same time, investor enthusiasm has grown significantly, with many showing signs of FOMO (Fear of Missing Out) in the market.
BTC Price Action Ahead
Although large-scale Bitcoin investors have been hoarding the cryptocurrency, its near-term prospects seem less favorable according to renowned analyst Ali Martinez. He has highlighted an intriguing shift in Bitcoin’s pricing trends.
Based on Martinez’s analysis, the TD Sequential indicator has indicated a sell signal on Bitcoin’s 12-hour chart as it hits resistance at the midpoint of a parallel trading channel. With the indicator’s past accuracy in mind, investors should exercise caution, particularly if Bitcoin’s price drops below the significant support level of $65,500.
The TD Sequential indicator is signaling a sell opportunity on the 12-hour Bitcoin chart, as the cryptocurrency encounters resistance near the middle of a parallel channel.
Be careful with this indicator’s history. Keep a close eye if Bitcoin (BTC) falls beneath the $65,500 support mark.
— Ali (@ali_charts) April 24, 2024
“Contrarily, Bitcoin’s rate of monetary inflation is now lower than Gold’s. Following the stock-to-flow theory, this implies that Bitcoin’s market value could eventually exceed Gold’s.”
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2024-04-24 11:44