- BTC whales show accumulation and sell-off.
- BTC rises above $60,000 again.
Bitcoin’s recent surge [BTC], which exceeds $60,000, has drawn different reactions from different wallets. Given the measures taken by these wallets, has there been an impact on the number of holders?
Bitcoin whales are showing different reactions
Data from Santiment showed different reactions from different categories of Bitcoin wallets to the recent rise in BTC price.
The graph shows an addition of more than 187,000 new wallets with more than 0 coins. This showed a recent rise in non-zero wallets as more people entered the market.
Additionally, wallets with 100 to 1,000 BTC have accumulated over 78,000 coins in the last few days.
Source: Santiment
However, in contrast, another category of whale wallets saw a decline. Wallets with 1,000 to 10,000 coins reduced their holdings by over 75,000 BTCs. This decline represents a sell-off of wallets in these categories.
Upon closer inspection, it becomes clear that the sell-off coincided with the rise in BTC prices.
The total number of BTC holders is seeing an increase
An examination of the total number of Bitcoin holders suggests a moderate increase in the last few days. Santiment's chart showed a notable uptrend, keeping the number in the 52 million range.
At the time of writing, the total number of holders is 52.53 million, compared to 52.27 million on February 26th. This slight increase suggests that there is a growing number of aspiring holders despite the prevailing price range.
Source: Santiment
Additionally, there has been a recent increase in overall Bitcoin profits for existing holders. The chart analysis showed an increase from around 93.7% to over 98% between February 25th and March 1st. This means that around 19.4 million BTC are currently profitable.
How much is 1,10,100 BTC worth today?
Bitcoin back above $60,000
At the time of writing, the Bitcoin Relative Strength Index (RSI) showed that it was still in a strong uptrend and positioned high in the overbought zone.
This remains true even after a slight decline of over 2% on February 29th, which saw the price fall from around $62,390 to $60,800. However, at the time of writing, the price has risen back above $61,000, with a marginal increase of less than 1%.
Source: Trading View
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