Bitcoin has witnessed a notable resurgence in active addresses since September, marking a significant turnaround from a period of subdued performance.
The metric for Bitcoin Active Address Momentum has surpassed both monthly and yearly moving averages, indicating a robust increase in user engagement and potential demand. Historically, such trends have been associated with bullish cycles in the cryptocurrency market.
Since September, #Bitcoin has experienced a notable rise in active addresses following a period of low performance.
The Bitcoin Active Address Momentum metric shows this increase exceeds both the monthly and yearly moving averages.
This trend signals renewed user engagement and… pic.twitter.com/kJqMsLYDcb
— Kyledoops (@kyledoops) October 16, 2024
New whale wallets are now holding a substantial amount of Bitcoin, totaling 1.97 million BTC. Each of these wallets contains over 1,000 BTC, with an average coin age of less than 155 days, excluding those held by exchanges and miners, suggesting they are likely custodial in nature.
These wallets have collectively seen an 813% surge in BTC balance year-to-date, accounting for 9.3% of the total Bitcoin supply, valued at approximately $132 billion as of today.
New whale wallets now hold 1.97M #Bitcoin.
Each has over 1K BTC, average coin age under 155 days, excluding exchange and miner wallets, likely custodial.
Their BTC balance surged 813% YTD, taking up 9.3% of the total supply, valued at $132B today. pic.twitter.com/pxq0tcqMuW
— Ki Young Ju (@ki_young_ju) October 16, 2024
Institutional interest in Bitcoin has also been on the rise. Over the past two trading days, Spot Bitcoin ETFs have added over $600 million worth of Bitcoin to their holdings, contributing to a total Assets Under Management (AUM) of around $60.0 billion, including Grayscale.
Over $600 million worth of #Bitcoin has been added to the Spot $BTC ETF holdings in the last two trading days.
The total Assets Under Management (AUM), including Grayscale, now stands at ~$60.0 billion. pic.twitter.com/ERdUhu9stv
— CryptoQuant.com (@cryptoquant_com) October 16, 2024
Tesla made headlines recently by transferring its entire Bitcoin holdings—11,509 BTC, currently valued at $773 million—to seven new wallets after two years of dormancy. This move, speculated to be for administrative purposes, underscores Tesla’s continued involvement in the cryptocurrency space.
Tesla (@Tesla) transferred all 11,509 $BTC (now worth $773M) to 7 new wallets 4 hours ago after 2 years of dormancy.
Note that it is likely these are just new wallets belonging to Tesla.
Elon Musk (@elonmusk), CEO of Tesla and a well-known advocate of #Bitcoin, has said that… pic.twitter.com/xZqfZZ67On
— Spot On Chain (@spotonchain) October 16, 2024
Elon Musk Reconfirms His Commitment To Bitcoin, Ethereum And Dogecoin
Elon Musk, CEO of Tesla and a prominent Bitcoin advocate, has reaffirmed his commitment to Bitcoin, Ethereum, and Dogecoin, describing Bitcoin as his “safe word” and stating he has no plans to sell his holdings.
According to analyst Ali Martinez, if Bitcoin manages to surpass the $67,400 mark, the next potential local top could be around $86,600, reflecting optimistic projections amidst current market conditions.
If #Bitcoin can break past $67,400, the next potential local top could be around $86,600! pic.twitter.com/xIWq0hFqvQ
— Ali (@ali_charts) October 16, 2024
With Bitcoin recently crossing $68,000 for the first time since July 29th, the focus now shifts to when it might surpass its all-time high of $73,700, amid ongoing market dynamics and institutional inflows.
Over 400,000 $BTC, roughly $24 billion, have been withdrawn from exchanges in the past 8 months! pic.twitter.com/FVPkwP5nl4
— Ali (@ali_charts) October 15, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: sinenkiy/123RF // Image Effects by Colorcinch