Crypto News

Bitcoin Holders Face Largest 3-Day Drop In Non-Empty Wallets Since March As Ethereum Wallets Rise

Bitcoin holders have experienced their largest 3-day drop in non-empty wallets since just before the March 14th all-time high. Unlike the previous surge, Bitcoin’s value has been declining, prompting traders to liquidate out of fear of further drops. Meanwhile, the number of Ethereum wallets continues to grow.

Today, Bitcoin dipped below $65,000, encountering significant resistance. On-chain data suggests strong demand levels down to $61,600. The nearest major support level is around $64,500, where 1.28 million addresses previously acquired Bitcoin.

Analyzing Bitcoin’s price action against the buy zones reveals that the $62,000 to $65,000 range is a significant support area (S1+S2).

Over 3 million addresses bought Bitcoin in this zone. From a volume perspective, the $63,700 to $65,600 range (S1) provides substantial support with a combined volume of around 730,000 BTC.

In the past 24 hours, 12,700 BTC, valued at approximately $840 million, were sent to accumulation addresses, according to analyst Ali Martinez. This indicates that despite the sell-off, some investors are still bullish on Bitcoin’s long-term prospects.

Bitcoin ETFs Net Inflow Stays Negative, Totalling -$146 Million

However, the Bitcoin ETF market has not been faring well. The net inflow for Bitcoin ETFs on June 17, 2024, was negative, totaling -$146 million. This marks the third consecutive day of negative net inflow.

Nine out of the ten US Bitcoin ETFs, including BlackRock’s IBIT and Grayscale’s GBTC, experienced zero or negative single-day flows. Consequently, the cumulative total net inflow after 109 trading days has dropped below $15 billion.

As Bitcoin struggles, Ethereum wallets are on the rise, reflecting a growing interest in the second-largest cryptocurrency by market cap.

The divergence in wallet activity between Bitcoin and Ethereum highlights the shifting dynamics within the cryptocurrency market. Investors will be closely monitoring these trends to navigate the volatile landscape and make informed decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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