Bitcoin has surged above $45.3K for the first time since the ‘ETF hangover’ retracement began on January 12.
🐳📈 #Bitcoin is back above $44.5K for the first time since the '#ETF hangover' retrace began back on Jan. 12. This bounce is partially attributed to the rise in 1K+ $BTC wallet holdings. Their collective holdings are at their highest level in 14+ months. https://t.co/mxCoXJbHcW pic.twitter.com/FjZdmPeMvj
— Santiment (@santimentfeed) February 8, 2024
This increase can be attributed in part to the rise in the number of wallets holding over 1,000 BTC, which now account for over 40% of the total supply. In just 4 weeks, these wallets have accumulated 1.03% of the entire BTC supply, reaching their highest level in over 14 months.
Approximately 3 million addresses have purchased nearly 1.50 million BTC within the $41,800 to $43,080 range, establishing this as a crucial support zone for Bitcoin. Moreover, the number of new whales holding 1,000 BTC or more has increased by 3.66% in the past two weeks, with around 73 new whales joining the ranks.
Whales Withdraw Huge Amount Of Bitcoin From Exchanges Before The Pump
Recent on-chain reports have identified three new wallets withdrawing a total of 2,741 BTC ($118M) from Binance just before the price surge. Additionally, data from 10x_Research indicates that buying BTC three days before the Chinese New Year and selling it ten days after the New Year results in an average return of +11%.
Data from @10x_Research shows that buying $BTC 3 days before the Chinese New Year and selling $BTC 10 days after the Chinese New Year results in an average return of +11%. pic.twitter.com/5pfpTwUuoJ
— Lookonchain (@lookonchain) February 7, 2024
However, as of February 7, Grayscale has further reduced its holdings by 2,565 BTC ($110.6M), while eight ETFs have added 2,384 BTC ($102.8M) in total. Notably, iShares (Blackrock) added 1,048 BTC ($45.2M) to their holdings.
Feb 7 Update:#Grayscale decreased 2,565 $BTC($110.6M).
8 ETFs added 2,384 $BTC($102.8M), of which #iShares(#Blackrock) added 1,048 $BTC($45.2M).https://t.co/eMNFPYDpDF pic.twitter.com/taLD14PkqT
— Lookonchain (@lookonchain) February 7, 2024
These developments underscore the dynamic nature of the Bitcoin market, with fluctuations driven by various factors including on-chain activity, investor sentiment, and institutional participation. As Bitcoin continues to navigate through market cycles, monitoring these trends provides valuable insights into its trajectory and potential opportunities for investors.
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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