Crypto News

Bitcoin Sees Increased Holdings By Large Addresses Amid Price Surge

Since mid-March, there has been a notable increase in the amount of Bitcoin held by large holders. Addresses holding over 1,000 BTC now collectively control more than 40% of the total Bitcoin supply. 

This accumulation trend has coincided with a recent surge in Bitcoin’s price, which is currently up by 2% today, reaching a high above $71,000.

However, caution is advised by some analysts. According to Ali Martinez on X (formerly Twitter), the TD Sequential indicator is presenting a sell signal on Bitcoin’s hourly chart. This suggests a potential one to four-hour candlestick correction for BTC, indicating that a short-term pullback might be on the horizon.

Bitcoin ETF Sees Notable Net Inflows, Totalling $887 Million

In addition to these market dynamics, Bitcoin ETFs have seen significant net inflows. On June 4, 2024, BTC ETF net inflows totaled an impressive $887 million, marking the second-highest net inflow ever recorded. Fidelity (FBTC) led the day’s inflows with $378.7 million, followed by BlackRock (IBIT) with $275 million. 

Grayscale’s Bitcoin Trust (GBTC) also saw inflows again after nine days of zero or negative flows. Overall, the net inflow has been positive for 16 consecutive trading days, indicating strong institutional interest and confidence in Bitcoin.

These developments underscore the complex interplay of market forces currently at work in the Bitcoin ecosystem. Large holders continue to accumulate, institutional inflows remain robust, and short-term technical indicators suggest potential corrections. Investors should stay informed and consider these factors when making trading 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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