San Francisco, California – Despite Bitcoin (BTC) maintaining a stagnant price around $66,000, large wallets have shown a significant increase in accumulation of the digital currency. This trend has sparked interest as investors seize the opportunity to acquire substantial amounts of BTC.
Data from Santiment reveals that the number of wallets holding 10 or more Bitcoin has surged, reaching levels similar to those seen two years ago. Interestingly, this surge comes at a time when Bitcoin’s market value has risen by an impressive 226%.
While some had speculated about price manipulation by the now-defunct FTX exchange in late 2022, a new pattern has emerged following its collapse. The correlation between the number of wallets holding more than 10 BTC and the overall market value of Bitcoin suggests a renewed bullish sentiment among large holders.
This current accumulation by whales may indicate a belief that Bitcoin is still undervalued despite its high price, with the potential for future price increases driving their actions. The substantial holdings of these large wallets also position them to influence market sentiment and drive up demand, potentially pushing the price even higher.
However, there is also the possibility that these whales are simply rebalancing their portfolios at the current price point, rather than signaling a long-term bullish outlook. Their coordinated selling of holdings could have a significant impact on triggering a price drop in the market.
At present, Bitcoin is trading at $66,187.79, with a minimal decrease in price. Despite the stable price movement of BTC, there has been a decline in interest within Bitcoin’s ecosystem, particularly seen in the waning interest in Bitcoin NFTs.
The decrease in NFT sales in the ecosystem by 60.93% over the past month, along with a 50.1% decrease in the number of buyers, raises concerns about the sustainability and growth of Bitcoin’s ecosystem. Additionally, the number of daily active addresses on the network has seen a significant decline from 700,000 to 613,000 over the same period.
This decline in activity could potentially impact the long-term price of Bitcoin, suggesting a need for continued engagement and interest within the cryptocurrency community to sustain its growth and value.