News
10,000 BTC wallets hold 212,450 BTC to hit 6-year high
Tom Wabold Olajide
Wallets holding 10,000 Bitcoin (BTC) or more have reached their highest accumulation level in the last six years
Read U.TODAY on
Google News
In a notable development, the wallets contain 10,000 Bitcoin (BTC) or more have reached their highest coin accumulation levels in the past six years. According to Santiment data, these substantial wallets now exceed 3.19 million coins, a milestone last reached in November 2018.
Over the past six weeks, these large BTC wallets have been the extreme beneficiaries of market volatility. As the price of Bitcoin fluctuated, these wallets added a whopping 212,450 BTC to their holdings. This accumulation represents a 1.05% increase in the total supply of Bitcoin.
HolinessThe analysis suggests that these large BTC addresses are likely composed largely of exchange liquidity providers. These entities play a crucial role in maintaining Bitcoin liquidity across various trading platforms.
What does the future hold for BTC price?
BitcoinThe price of fell to $53,500 per coin on Friday, hitting lows not seen since February. Bitcoin has since pared its losses and was trading at $57,932.57, down 3.4% at press time.
Bitcoin hit an all-time high of over $73,700 in March of this year, when the Securities and Exchange Commission approved the first spot Bitcoin exchange-traded fund (ETF) in the United States.
Since then, Bitcoin prices have consolidated within a well-defined range between $60,000 and $70,000, as investor apathy and boredom have set in. This has led to widespread indecision and a market unable to form a strong trend in either direction.
Second Glass KnotThe True Market Mean sits at $50,000 Bitcoin, which represents the average cost basis per active investor. This level remains a key price level for the market to hold above if the macro bull market is expected to continue.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.