Crypto News

Bitcoin Market Dynamics: Sharks and Whales Hold Steady Amid Volatility

The recent turbulence in Bitcoin’s price post-AllTimeHigh hasn’t deterred the presence of sharks and whales in the market.

Despite the fluctuations, there’s a noticeable decline in overall non-0 $BTC wallets, largely attributed to smaller traders capitulating amidst the uncertainty.

Santiment data reveals a 3.9% increase in 10k-100k wallets over the span of 9 days. However, there has been a slight decrease of 40.3k (-0.1%) BTC wallets holding >0 coins since the ATH on March 5th. 

Additionally, there’s been a modest uptick of 0.8% in 100-1k wallets and a 2.4% decrease in 1k-10k wallets over the same period.

Remarkably, Tesla and SpaceX have solidified their positions in the Bitcoin space, with Tesla holding 11,509 $BTC ($782M) and SpaceX holding 8,285 $BTC ($562M). Recent reports from Lookonchain suggest that both companies sold $BTC at breakeven prices following the crash of UST/LUNA.

Bitcoin Records Massive Spot ETF Total Net Inflow

According to SoSoValue data, Bitcoin spot ETFs witnessed a total net inflow of $472 million on March 7th. Notably, Grayscale GBTC experienced a single-day net outflow of $374 million, while Fidelity ETF FBTC saw a single-day net inflow of $473 million. 

The total net asset value of Bitcoin spot ETFs now stands at US$54.09 billion, with the historical cumulative net inflow reaching US$9.37 billion.

The resilience of Bitcoin’s market, despite recent fluctuations, underscores the confidence of institutional players like Tesla and SpaceX, who continue to hold significant positions in the cryptocurrency. 

As the market navigates through volatility, the behavior of key players and the influx of institutional investments remain crucial indicators for Bitcoin’s trajectory in the coming days.

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: studiograndouest/123RF // Image Effects by Colorcinch

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