Bitcoin
2-Year High for Bitcoin Whales – What Does This Mean for You?
- Whale wallets have accumulated over 7 million BTC
- Cryptocurrency held above $66,000 despite decline on some fronts
Bitcoin Whale wallets have been accumulating BTC consistently over the years, reaching a record level of holdings recently. At the same time, BTC has reclaimed a price level from which it had previously declined, indicating a potential recovery or stabilization in its market price.
An increase in the number of new addresses also accompanied this resurgence in prices.
Bitcoin Whale Wallets Hit a Milestone
According to data from Inside the BlockBitcoin whales have reached a significant milestone in their accumulation efforts. The balance of wallets holding 1,000 or more BTC has surged to over 7.9 million Bitcoins.
If calculated at current market rates, these holdings would be valued at nearly $529 billion. This represents a significant portion of Bitcoins total market capitalization, which is over $1.3 trillion.
This level of accumulation is notable as it has not been seen in the past two years, indicating a significant increase in assets in these portfolios.
Such a trend means that these large investors are either holding their positions with more conviction or actively accumulating more BTC. Either way, they are betting on its long-term value despite any short-term market volatility.
Slight increase in new Bitcoin addresses
Analysis of the above-mentioned data also pointed to a positive trend in Bitcoins network, marked both by the growing number of Bitcoin whale wallets and an increase in the number of new daily addresses.
After recording a sharp decline on the charts, the number of new Bitcoin addresses began to increase around July 13, from approximately 244,578 to almost 291,000.
Source: Glassnode
This upward trend in new address creation is a sign of renewed interest or an influx of new participants. The growth in new addresses can contribute to increased network activity and liquidity, which can lead to stronger price trends.
These trends, when viewed in conjunction with the significant accumulation of Bitcoin whales, provide a picture of the current state of the market.
As large holders continue to consolidate their positions, signaling confidence in BTC’s long-term value, new users entering the market could increase trading volumes.
BTC enters a new price zone
Another analysis of Bitcoins The price action showed a significant rally towards the end of the trading session on July 19, with the cryptocurrency rising by over 4%. This rally took the cryptocurrency from around $64,000 to $66,000 on the charts.
Source: TradingView
– To read Bitcoin (BTC) Price Prediction 2024-25
As a result of this price increase, the value of Bitcoin held in whale wallets — those holding 1,000 or more BTC — has increased, reaching a total of nearly $529 billion.
Here, it is worth noting that although there has been a slight decline in the price of Bitcoin since this peak, it has managed to maintain its position in the $66,000 range.
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