Since the beginning of 2024, large Bitcoin holders have accumulated an additional 266,000 BTC.
Based on Santiment’s analysis, the value of Bitcoin is approximately $17.5 billion. Notably, entities holding between 1,000 and 10,000 Bitcoins obtained 1.24% of the total Bitcoin supply (consisting of 21 million units) during the specified timeframe.
🐳 #Bitcoin’s key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024. This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of #FOMO. — Santiment (@santimentfeed) April 24, 2024
According to Santiment, institutional investors play a role in stabilizing the cryptocurrency industry’s fluctuations. Furthermore, these key market participants boosted Bitcoin’s price increase prior to the halving event. Experts predict that the halving will significantly influence Bitcoin’s worth following this transition.
Several traders harbor apprehensions about being left behind (FOMO), while according to Santiment, numerous users hold the belief that Bitcoin’s price will rebound to hit the $70,000 threshold again.
According to Ki Young Ju, the CEO of CryptoQuant, the amount of new large-scale Bitcoin investors is nearly double that of the earlier, bigger investors.
Experts have created a new group for whale wallets holding more than 1,000 Bitcoins that are not linked to CEX and mining operations. This new classification also covers coin owners whose Bitcoins are less than 155 days old. Those with older coins fall into a different category.
The new whales’ initial investment in #Bitcoin is almost twice the old whales’ cumulative total.
— Ki Young Ju (@ki_young_ju) April 23, 2024
Newer Bitcoin whales emerged in the market as a result of two significant events: the introduction of spot crypto ETFs in the US markets and the Bitcoin halving that occurred in April, reducing the rate of new Bitcoin supply.
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2024-04-24 19:36