Addresses holding between 100 and 1,000 BTC have shown remarkable resilience amid recent market volatility.
Over the past few months, these addresses have been steadily accumulating Bitcoin and now control 20.3% of the total circulating supply. This consistent accumulation highlights a strong belief in Bitcoin’s long-term value among significant holders.
Addresses holding between 100 and 1,000 BTC have been unfazed by market movements, showing consistent accumulation over the past months.
These addresses now hold 20.3% of the circulating supply. pic.twitter.com/H4rlJiFRoC
— IntoTheBlock (@intotheblock) September 4, 2024
In contrast, public interest in Bitcoin appears to be waning. Google search queries for “#Bitcoin” have hit their lowest point since August 2023, indicating a drop in general curiosity about the cryptocurrency.
Google searches for the term "#Bitcoin" have reached their lowest level since August 2023! pic.twitter.com/o5rtVSAgsf
— Ali (@ali_charts) September 5, 2024
Recent on-chain activity reveals substantial transfers from custodian addresses. Specifically, two addresses identified as “Copper: Hot Wallet” recently moved significant amounts of cryptocurrency to OKX. One address transferred 1,224.6 BTC, worth approximately $69.33 million, while another sent 59,832.2 ETH, valued at around $143 million. The total value of these transfers amounted to $212 million.
Two addresses (1M5L5) and (0x1A3) marked as custodian companies "Copper: Hot Wallet" deposited 1224.6 BTC and 59832.2 ETH to OKX 20 minutes and 15 minutes ago, respectively, worth $69.33 million and $143 million, with a total value of $212 million.https://t.co/iIvaStcAmV…
— Wu Blockchain (@WuBlockchain) September 5, 2024
Bitcoin Spot ETFs Recorded Notable Outflows
In the ETF market, Bitcoin spot ETFs have faced persistent outflows. On September 4 alone, there was a net outflow of $37.29 million, marking the sixth consecutive day of outflows. The Grayscale ETF (GBTC) saw a notable outflow of $34.25 million, bringing its total historical net outflow to $19.94 billion. However, the Bitwise Bitcoin ETF (BITB) experienced a positive turn with a net inflow of $9.46 million on the same day, showing that some investment vehicles are still attracting capital.
Bitcoin spot ETFs had a total net outflow of $37.2875 million on September 4, and continued to have net outflows for 6 consecutive days. Grayscale ETF GBTC had a net outflow of $34.2471 million, and the current historical net outflow of GBTC is $19.936 billion. The Bitcoin spot…
— Wu Blockchain (@WuBlockchain) September 5, 2024
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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