U.Today – In a remarkable development, wallets holding 10,000 (BTC) or more have reached their highest levels of coin accumulation in the past six years. According to data from Santiment, these top wallets now exceed 3.19 million coins, a milestone last reached in November 2018.
Over the past six weeks, these large BTC wallets have been the extreme beneficiaries of market volatility. As the price of Bitcoin experienced fluctuations, these wallets added a staggering 212,450 BTC to their holdings. This accumulation represents an increase of 1.05% of the total Bitcoin supply.
Santiment’s analysis suggests that these large BTC addresses are likely largely comprised of exchange liquidity providers. These entities play a crucial role in maintaining Bitcoin liquidity on various trading platforms.
What's next for BTC price?
Bitcoin's price fell to $53,500 per coin on Friday, hitting lows not seen since February. Bitcoin has since pared losses somewhat and was trading at $57,932.57, down 3.4% at press time.
Bitcoin rose to an all-time high of over $73,700 in March this year, when the Securities and Exchange Commission approved the first spot Bitcoin exchange-traded fund (ETF) in the US.
Since then, Bitcoin prices have been consolidating within a well-defined range of $60,000 to $70,000, with investor apathy and boredom setting in. This has resulted in widespread indecision and a market unable to create a strong trend in either direction.
According to Glassnode, the true market average is at a Bitcoin value of $50,000, which represents the average cost per active investor. This level remains a key price level that the market must hold above if the macroeconomic bull market is to continue.
This article was originally published on U.Today
