Bitcoin Addresses Holding Over 10 BTC Reaches 2-year High, Will it Affect Price?
Bitcoin addresses with over 10 BTC holdings have surged in recent months. Although there has been fluctuations between holding and selling, this growth has reached a two-year high.
Buying Into The Dip, Despite Crypto Winter
Bitcoin wallet holdings have fluctuated from buying to dumping. However, the number of wallets with over 10 BTC holdings has surged dramatically, reaching a two-year high. This is despite the crypto winter, which is having a significant negative impact on the market.
In the space of only a week into 2023, reports suggest a substantial growth in whales’ Bitcoin holdings.
According to reports, this accumulation rate had previously fallen due to many whales and investors dumping into the market and profiting. In fact, miners also resorted to selling their holdings to the market in order to avoid the heat of the bear market.
However, things have improved, with investors stockpiling and stacking Bitcoin in preparation for the bull season. This spike was detected on December 30th, two days to the new year.
The number of addresses was observed to have grown as investors bought heavily into the dip. Within a span of a week, the addresses with over 10 Bitcoin holdings increased from 155,283 to 155,286.
Upward Trend For Bitcoin
The Bitcoin chart indicates an upward trend of a 4% rise in Bitcoin accumulation, signalling that investors are buying the dip and accumulating more than one Bitcoin.
Furthermore, addresses holding more than one BTC have risen gloriously in the new year. It increased from an all-time high of 800,000 addresses in 2022 to 979,000 addresses this time.
This accumulation on the Bitcoin network, despite its fall from grace and this bear season, demonstrates that there is still faith in crypto and this particular cryptocurrency.
As the number of addresses holding 1 BTC to 10+ BTC has grown, so has the coin’s activity and price. Its network’s trading activity has expanded since the start of this year.
This accumulation has also helped to rekindle the spirit of investors in the space who were traumatized by the losses sustained during the FTX meltdown in October of last year.
Bitcoin realized a 1.03% increase in the last 24 hours and is trading at the $16,000 mark.
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