- BTC whales, holding between 100 and 100,000 BTC, have accumulated significantly over the past three months
- Despite the recent price problems, optimistic sentiment continues to grow
According to Santiment Bitcoin [BTC] Whale addresses holding between 100 and 100,000 coins have acquired a total of 319,310 BTC (worth around $22 billion at current market prices) over the past three months.
See more
🐳↗️ #Bitcoin's key stakeholders with 100-100,000 $BTC have accumulated a total of 319,310 $BTC (around 1.4% of supply) in the last 3 months. Many of these coins came from 0-100 $BTC wallets, which DELIVERED 105,260 $BTC (-0.7% of supply) in three months. https://t.co/6KKFgZzrPz… pic.twitter.com/kXyQrOIRGA
– Santiment (@santimentfeed) April 5, 2024
According to the on-chain data provider, most of these coins come from wallets with between zero and 100 BTCs. This cohort of BTC investors distributed around 105,260 BTC from their holdings over the course of the 90-day period.
At press time, 16,000 addresses held 100 and 100,000 BTCs, respectively, controlling 57% of the coin's circulating supply. On the other hand, there were a total of 52 million BTC addresses containing between zero and 100 coins. These addresses held 40% of the circulating BTC supply at the time of writing.
Optimistic in the face of adversity
It is worth noting here that Santiment further added that the acquisition of coins by its top holders in the last three months “is a bullish sign for Bitcoin and the cryptocurrency as a whole, considering the wallets with the most traction on “The markets seem quite confident about the future value of Bitcoin.”
Despite the recent headwinds and significant resistance at the $70,000 price level, there has been an accumulation of coins from this category by BTC investors. In fact, at the time of writing, BTC is trading at $68,026 and has seen a 3% price decline over the last seven days.
An assessment of the coin's funding rates across cryptocurrency exchanges confirmed the market's confidence that Bitcoin would break through resistance and soon reclaim its all-time high of $73,750.
Read Bitcoins [BTC] Price prediction 2024-25
Financing rates are a mechanism used in perpetual futures contracts to ensure that the contract price remains close to the spot price.
If an asset's contract price is higher than its spot price, traders who hold long positions pay a fee to traders who short the asset. In this case, the financing rates return positive values. When an asset's funding rate is positive, more traders hold long positions. This means that more traders expect the asset price to rise than a fall.
At press time Coin jar Data revealed that BTC’s funding rate was 0.0084%.
Source: Coinglass
Although BTC saw significant profit-taking on March 14 when it hit a new all-time high, the year so far has been marked by a steady decline in the cryptocurrency's foreign exchange reserves.
With a reserve of 2 million coins, the total number of BTC held on exchanges has fallen to its lowest level since 2018. In fact, the coin's foreign exchange reserve has fallen by over 30% this year alone CryptoQuants Data.
Source: CryptoQuant
The steady decline in foreign exchange reserves is a sign that selling pressure is easing. As Bitcoin faces significant resistance at $70,000, many holders remain confident that it will reclaim its all-time high.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.