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Bitcoin: 10,000 BTC Wallets Pack 212,450 BTC to Scale 6 Year High

Published 07/06/2024, 04:00 PM
Updated 07/06/2024, 08:30 PM
© Reuters.  Bitcoin: 10,000 BTC Wallets Pack 212,450 BTC to Scale 6 Year High

U.Today - In a remarkable development, wallets holding 10,000 Bitcoin (BTC) or more have reached their highest levels of coin accumulation in the last six years. According to data from Santiment, these substantial wallets now exceed 3.19 million coins, a milestone last achieved in November 2018.

Over the past six weeks, these large BTC wallets have been the extreme beneficiaries of the market's volatility. As the price of Bitcoin experienced fluctuations, these wallets added a staggering 212,450 BTC to their holdings. This accumulation represents an increase of 1.05% of the total Bitcoin supply.

Santiment's analysis suggests that these large BTC addresses are likely comprised heavily of exchange liquidity providers. These entities play a crucial role in maintaining the liquidity of Bitcoin across various trading platforms.

What's next for BTC price?

Bitcoin's price fell to $53,500 per coin on Friday, reaching lows not seen since February. Since then, Bitcoin has pared losses somewhat and was trading at $57,932.57, down 3.4% as of press time.

Bitcoin 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. spot Bitcoin exchange-traded fund, or ETF.

Since then, Bitcoin prices have been consolidating within a well-defined $60,000 to $70,000 range with investor apathy and boredom setting in. This has resulted in widespread indecision and a market unable to create a strong trend in either direction.

According to Glassnode, the True Market Mean resides at a Bitcoin value of $50,000, which represents the average cost basis per active investor. This level remains a key pricing level for the market to remain above if the macro bull market is expected to continue.

This article was originally published on U.Today

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