U.Today – In a remarkable development, wallets holding 10,000 (BTC) or more have reached their highest level of coin accumulation in the past six years. According to data from Santiment, these significant wallets now exceed 3.19 million coins, a milestone last achieved in November 2018.
Over the past six weeks, these gigantic BTC wallets have been extreme beneficiaries of market volatility. As the price of Bitcoin has fluctuated, these wallets have added a staggering 212,450 BTC to their holdings. This accumulation represents a 1.05% escalate in the total supply of Bitcoin.
Santiment’s analysis suggests that these gigantic BTC addresses are likely made up mostly of exchange liquidity providers. These entities play a key role in maintaining Bitcoin liquidity across various trading platforms.
What’s next for the BTC price?
Bitcoin fell to $53,500 per coin on Friday, hitting its lowest level since February. Bitcoin has since pared losses somewhat and was trading at $57,932.57, down 3.4% at the time of publication.
In March this year, the price of bitcoin hit a record high of over $73,700 when the Securities and Exchange Commission approved the first U.S. bitcoin ETF.
Since then, Bitcoin prices have been consolidating in a well-defined range between $60,000 and $70,000, and investors have started to feel lackluster and bored. This has led to widespread indecision and an inability to create a forceful trend in any direction.
According to Glassnode, the True Market Mean is $50,000 per bitcoin, which is the average base cost per dynamic investor. This level remains a key price level for the market to stay above if the macroeconomic bull market is expected to continue.
