Quick Takeaways
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Rising Whales Activity: The number of wallets holding at least 10 BTC has surged to 152,280, the highest since March, indicating renewed confidence among significant investors amidst market consolidation.
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Institutional Inflows Strengthen Bitcoin: Recent inflows into U.S. spot Bitcoin ETFs totaled nearly $1.5 billion in three days, with BlackRock purchasing 9,400 BTC, suggesting strong institutional support.
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Market Resilience Despite Retail Selling: Despite $66 billion in profits being realized by short-term holders, Bitcoin’s price remains stable, indicating sustained demand and accumulation by whales.
- Current Price Dynamics: Bitcoin is trading at $107,353, facing resistance near $108,000; a breakout could lead to new all-time highs, while Bitcoin’s market dominance stands at 62.8%.
Number of Large Bitcoin Investors Surge to Multi-Month Highs: Do They Know Something?
Recent data reveals a significant increase in the number of large Bitcoin investors, commonly referred to as "whales." According to on-chain analysis from Santiment, wallets holding at least 10 Bitcoin (equivalent to over $1.07 million) have surged to levels not seen since March, reaching 152,280.
This spike coincides with substantial institutional inflows into spot Bitcoin exchange-traded funds (ETFs). Such activity demonstrates a strong confidence among seasoned investors, even as the price consolidates below critical resistance levels.
As retail investors show signs of anxiety, these “smart money” players seize opportunities. They often purchase Bitcoin during market dips, signaling their long-term optimism. Market analyst Axel Adler Jr. noted that Bitcoin’s price remained stable, despite $66 billion in realized profits from short-term holders in the past two months. New demand absorbed these sell-offs, indicating robust buying strength.
Moreover, earlier this month, Binance reported nearly 4,500 Bitcoin withdrawn in one day. At the same time, over $800 million flowed into exchanges in stablecoins. This duality suggests deep accumulation, possibly led by whales preparing for future price increases.
The ETF market adds another layer to this narrative. U.S. spot Bitcoin ETFs attracted almost $1.5 billion within three days, marking one of the most aggressive accumulation periods. Notably, BlackRock’s IBIT made headlines by buying 9,400 Bitcoin in a single week.
Despite these bullish signals, Bitcoin’s price action remains stagnant. Currently priced at $107,353, it shows a slight decline of 0.4% over the last 24 hours. With a recent peak of $108,066, Bitcoin struggles to maintain its position above key resistance levels. Investor Daan Crypto Trades warns that a breakout could lead to new all-time highs, but the cryptocurrency must first clear the $108,000 to $110,000 range.
Interestingly, Bitcoin’s dominance in the market has increased to 62.8%. Previously, it reached 65.7%, its highest level in four years. This shift indicates that more capital is flowing into Bitcoin, as opposed to alternative cryptocurrencies.
Overall, as large investors build their positions, market dynamics shift. Their behavior might signal a future price surge and could shape technology development within the cryptocurrency space.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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