During the recent surge in Bitcoin’s price to $70,000, addresses holding between 1,000 and 10,000 BTC saw a significant increase in their holdings. According to recent analysis by IntoTheBlock, these addresses collectively acquired 20,000 BTC, equivalent to $1.4 billion, over the past week. This trend among large holders indicates a growing confidence in Bitcoin’s long-term value and reflects a bullish sentiment among significant investors.
The data provided by IntoTheBlock shows that the balance held by these addresses started at approximately 4.91 million BTC on May 14. It gradually increased to about 4.93 million BTC from May 17 to 19 and continued to grow. The most notable surge occurred on May 21 and 22, reaching a balance of 4.97 million BTC.
At the same time, Bitcoin’s price experienced significant volatility during this period. Starting at $63,789, the price fluctuated before gradually rising to $65,483 and then experiencing a significant increase to $68,871 on May 19. The upward trend continued, peaking at $70,565 on May 21.
This accumulation of Bitcoin by large holders suggests a positive outlook for the cryptocurrency’s future. IntoTheBlock’s analysis also categorized ownership into whales and investors. Low activity addresses, which are considered whales, accounted for 1.26% of total BTC holdings. These addresses indicate that a portion of BTC is held by entities or individuals who do not frequently move their assets, potentially stabilizing the market by reducing the circulating supply.
Investor holdings, on the other hand, showed a wider distribution with a mix of low and high activity addresses. The largest investor segment held 0.91% of BTC.
Furthermore, a March report revealed that the majority of Bitcoin holders were profitable as the price approached its previous all-time high. Data from IntoTheBlock showed that 99.63% of total holders, or 51.94 million addresses, were holding Bitcoin at a profit. This trend of profitability continued, with the percentage of profitable addresses reaching 95% as the price touched $57,416 in late February.
As of today, the price of Bitcoin is $69,756.52, with a 24-hour trading volume of $30,721,182,878.03. This represents a 0.37% increase in the last 24 hours and a 4.84% rise over the past 7 days.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers should conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.