You Today – In a remarkable development, wallets holding 10,000 (BTC) or more have reached their highest levels of coin accumulation in the past six years. According to data from Santiment, these mega-wallets have now surpassed 3.19 million coins, a feat last achieved in November 2018.
Over the past six weeks, these large Bitcoin wallets have been the biggest beneficiaries of the market volatility. As the price of Bitcoin has fluctuated, these wallets have added 212,450 Bitcoin to their holdings. This accumulation represents a 1.05% increase in the total Bitcoin supply.
Santiment’s analysis suggests that these large BTC addresses are likely to be largely made up of liquidity providers on the exchange. These entities play a crucial role in maintaining Bitcoin’s liquidity across various trading platforms.
What’s next for BTC price?
Bitcoin fell to $53,500 per coin on Friday, its lowest level since February. Since then, Bitcoin has pared some of its losses and is trading at $57,932.57, down 3.4% at the time of writing.
Bitcoin’s value surged to an all-time high of more than $73,700 in March of this year, when the Securities and Exchange Commission approved the first U.S. bitcoin exchange-traded fund, or ETF.
Since then, Bitcoin prices have been stabilizing within a well-defined range of $60,000 to $70,000, with investors becoming apathetic and bored. This has led to hesitation and the market’s inability to create a strong trend in any one direction.
According to Glassnode, the true market average is $50,000 for Bitcoin, which represents the average cost of capital per active investor. This level remains a key pricing level that the market must remain above if the overall bull market is expected to continue.
