As an experienced financial analyst, I have closely monitored the cryptocurrency market trends for several years. Based on the recent data and reports, it appears that Bitcoin is showing resilience and strength despite the initial sell-off in the early week. The surge in whale and shark wallets holding over 10+ BTC indicates a growing confidence among large investors to build long-term positions. This trend can potentially lead to further price appreciation for Bitcoin.
As an analyst, I’ve observed an intriguing development in the Bitcoin market. Following a weak start to the week, Bitcoin has regained its footing and surpassed the $58,000 threshold once more. Notably, on-chain statistics indicate that there has been a steady increase in the number of wallets containing over 10 Bitcoins during the past few weeks.
Surge in Bitcoin Whale and Shark Wallets
According to on-chain data provider Santiment, there has been a significant increase in the number of large and very large Bitcoin wallets purchasing coins from smaller traders during the current market downturn.
Over the past July days, the count of cryptocurrency wallets harboring over 10 Bitcoins has experienced a noteworthy increase of approximately 261. This upward trajectory may bolster trader conviction, enabling them to construct longer-term investment strategies in Bitcoin.
As a researcher, I’ve come across some intriguing insights regarding Bitcoin (BTC) accumulation and outflows from various sources. According to CryptoQuant CEO Ki Young Ju, permanent BTC holders, specifically those with no recent outflows, have amassed around 85,000 Bitcoins within the last month. It’s essential to note that these wallets differ significantly from entities such as ETFs (Exchange-Traded Funds), exchanges, and miners.
As a dedicated Bitcoin investor, I’ve noticed an intriguing trend over the past month. Approximately 85,000 coins of this digital currency have found their way into the hands of permanent holders, who typically use custodial wallets and have shown no signs of selling or transferring their assets during this period.
As an analyst, I would explain that these wallets do not fall under the categories of Exchange-Traded Funds (ETFs), cryptocurrency exchanges, or Bitcoin miners. Concurrently, approximately 16,000 Bitcoins were withdrawn from ETF holdings during the same timeframe.
While some panic sell, “the others” are buying.
— Ki Young Ju (@ki_young_ju) July 10, 2024
An encouraging turn of events is observable as Bitcoin ETF investments have rebounded, with BlackRock’s IBIT spearheading this trend following the recent surge in Bitcoin’s market price.
BTC Network Fees Tanks Under that of Ethereum
The CEO of CryptoQuant highlighted Bitcoin’s capability as a currency for peer-to-peer (P2P) transactions. Contrary to popular opinion, analysis from 2021 reveals that Bitcoin’s transaction fees are frequently lower than Ethereum’s. Currently, the typical Bitcoin transaction fee is around $0.40, whereas Ethereum’s average fee is $0.68.
#Bitcoin can be used for P2P payments.
As a data analyst, I’ve examined transaction fee trends for Bitcoin and Ethereum since the beginning of 2021. Contrary to popular belief, Bitcoin transaction fees have generally been less expensive than Ethereum’s during this period.
Currently, the median BTC tx fee is $0.40, compared to ETH’s $0.68.
What…
— Ki Young Ju (@ki_young_ju) July 10, 2024
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2024-07-11 11:18