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Thursday, April 18, 2024

Bitcoin’s Price Stands Still but These BTC Wallets Are Making Big Moves: Data

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Bitcoin’s price actions in the past several days have been quite uneventful, with little to no movements after last week’s recovery from the sub-$40,000 dip.

However, data from Santiment shows that some of the largest investors have been using this moment to move sizeable portions of their holdings.

The analytics company highlighted the decline of certain wallets holding between 100 and 1,000 BTC. Such investors have dropped by 1.1% in less than a week.

Moreover, their number is down to 13,735 – the lowest since November 2022 – when BTC’s price slumped amid the FTX bankruptcy and the shockwaves it sent through the entire industry.

It’s not all negative, though. While these more retail-oriented investors have been disposing of their assets after the ETF approvals in the States, whales’ behavior has been exactly the opposite.

Within the same 6-day timeframe, Bitcoin whales, holding between 1,000 and 10,000 BTC, have grown their stashes by 2.5%. In other words, there are 47 new such wallets created within less than a week.

Their number is currently at 1,958 – the highest since November 2022.

In this same time period, BTC’s price has been quite sluggish. Aside from a few brief and unsuccessful attempts to overcome $44,000, the cryptocurrency has been trading predominantly in a tight range of between $41,000 and $43,000.

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