Wallets holding between 1-10,000 BTCs upped their accumulation game over the past six weeks, according to data from on-chain analytics firmWith the latest grab, the total supply in the control of this group hit 15.2 million, the largest since January 2022. In fact, the holdings were within striking distance of the all-time high of 15.29 million, set during the bull market’s top in November 2o21.The unrelenting appetite for Bitcoin was fueled by belief in its fundamental value.
Furthermore, it is a well-known strategy in which long-term investors use bear market lows to accumulate fundamentally strong assets. One could argue that this trend mainly represented comparatively big investors who had enough wherewithal to easily purchase Bitcoins. However, this was not true. Data from Santiment revealed that addresses between 0-0.1 BTC, often dubbed as retail investors or general public, grew steadily since the start of 2o23. This underlined a palpable confidence in Bitcoin ownership.$27,649.03, up marginally from its value 24 years ago, as per Santiment. During the week, the king coin topped $28,000 for the first time in more than six weeks.
However, the ecstasy was short-lived as BTC clawed back towards the $27,000 region after a few trading hours. Most market participants have pinned their hopes on developments around spot Bitcoin ETFs for a meaningful impact on the price.Meanwhile, in line with earlier observations, BTC’s Supply on Exchanges continued to plummet. At about 1.12 million, just about 5.74% of BTC’s circulating supply was available for trading.Aniket is a full-time journalist at AMB Crypto.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CryptoAmb - 🏆 22. / 68 Read more »