Over the past six weeks, Bitcoin’s largest holders, specifically wallets containing between 100 to 1,000 BTC, have increased their holdings by an additional 94,700 coins.
This accumulation comes as many traders, shaken by recent market volatility, have exited the crypto space, while key stakeholders have continued to bolster their positions.
🐳 Bitcoin's whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
— Santiment (@santimentfeed) August 19, 2024
The cryptocurrency market is showing signs of recovery, with Bitcoin climbing as high as $61,300 today. Since the bottom on August 5th, Bitcoin has gained 19%, with market sentiment increasingly turning bullish, particularly for top-cap cryptocurrencies.
This recovery follows a period of uncertainty that had instilled fear among many traders, leading to a sharp decline in prices.
📊 Crypto is showing signs of recovery, with Bitcoin rebounding to as high as $61.3K today. The crowd sentiment has been flipping more and more bullish for most top caps since the August 5th bottom, and BTC +19% since that fear-causing crash. 👍 pic.twitter.com/giuRmtgX5o
— Santiment (@santimentfeed) August 20, 2024
In a related development, BitFuFu, a cloud mining company affiliated with Bitmain, released its Q2 2024 financial report. The report revealed a significant increase in the cost of mining Bitcoin, which averaged $51,887 per BTC in the second quarter of 2024, compared to just $19,344 per BTC during the same period in 2023. Despite the rising costs, BitFuFu managed to expand its total mining power by 62.5%, reaching 24.7 EH/s.
Bitmain-affiliated cloud mining company BitFuFu released its Q2 2024 financial report, saying that the cost of mining BTC in the second quarter of 2024 was an average of $51,887 per BTC, compared with only $19,344 per BTC in the same period of 2023. The total mining power managed…
— Wu Blockchain (@WuBlockchain) August 20, 2024
Bitcoin Spot ETFs Market Saw Notable Net Inflow
Meanwhile, the Bitcoin spot ETF market saw notable activity on August 19, with a total net inflow of $61.98 million. Among the key players, Grayscale’s GBTC reported no outflow, while BlackRock’s IBIT saw an inflow of $92.68 million. Fidelity’s FBTC also experienced an inflow of $3.87 million. The total net asset value of Bitcoin spot ETFs now stands at $53.77 billion.
On August 19, the total net inflow of Bitcoin spot ETFs was $61.9803 million. Grayscale ETF GBTC outflow was $0.00, BlackRock ETF IBIT inflow was $92.6764 million, Fidelity ETF FBTC inflow was $3.8692 million, and the total net asset value of Bitcoin spot ETFs was $53.771…
— Wu Blockchain (@WuBlockchain) August 20, 2024
As Bitcoin’s price recovers and major players continue to accumulate, the crypto market appears poised for a potential resurgence, despite the rising costs and volatility that have characterized the sector in recent months.
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: Photo by Traxer on Unsplash // Image Effects by Colorcinch