Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH
04 Juillet 2024 - 7:00AM
NEWSBTC
Bitcoin continues to be incredibly bearish amid negative market
headwinds but that has not stopped investors from taking their
positions during this time. These large investors who are holding
more than $600,000 worth of Bitcoin have been accumulating BTC at
an accelerated rate over the last six months. Bitcoin Holders
Increase Wallet Holdings On-chain data tracking platform,
Santiment, recently revealed that Bitcoin investors have been
increasing their holdings over the last six months. According to
the report posted on X (formerly Twitter), the major cohort
involved in this buying are the wallets holding more than 10 BTC in
their wallets. Related Reading: XRP Price Attempts Bullish
Decoupling Amid Major Developments The report shows that over the
last six months, these holders have increased their collective
holdings by 1.07%. While this may seem like only a small increase,
it translates to over 5,000 BTC that these wallets have added in
the space of half a year. A trend that has been maintained during
this accumulation is the fact that the buying has gone up whenever
the Bitcoin price has crashed. For example, in early May when the
Bitcoin price crashed, these wallets increased their buying. This
time around, as the BTC price has struggled to retain the $60,000
level, they have begun to buy once more. Santiment’s data shows
that during the last month, their holdings have increased
drastically, bringing it to a total of 16.17 million BTC held by
these wallets. USDT And USDC Holdings Supports Accumulation Theory
One thing that also suggests that these whales have been buying
Bitcoin aggressively over the last six months is the change in the
USDT and USDC holdings of wallets. Usually, investors will hold
these stablecoins as a way to avoid market volatility and wait for
better prices. However, once prices get low enough, they begin to
buy, and this buying translates to a drop in the balances of their
stablecoin holdings. For example, Santiment’s report points to a
drop in the USDT and USDC holdings of sharks and whales holding
between $100,000 and $1 million, although the USDT holdings have
taken more of a hit. Related Reading: Bitcoin Miners Slow Down
Selling In July, What This Could Mean For Price USDC holdings of
these large wallets have dropped by 1.99% in the last six months,
bringing their holdings to 34.2% of the current supply. Meanwhile,
USDT holdings have dropped by 5.37% in the same time period,
dropping their holdings to 30.3% of the total supply. What this
shows is a willingness to buy Bitcoin at these low prices in
anticipation of a price recovery. If this buying continues, it
could created a much-needed support for the BTC price at $60,000,
increasing the possibility of a price increase from here. Featured
image created with Dall.E, chart from Tradingview.com
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