Today, the digital gold rate reached a new all-time high, rising to $97,890. This was announced by researchers from the company Santiment. They emphasized that the record was made possible by the activity of large holders, including the so-called sharks and whales, who are increasing their BTC reserves. Over the past month, owners of wallets with more than 10 bitcoins have accumulated 56,397 coins, which is equivalent to $5.42 billion. Interestingly, the total number of such wallets has decreased. According to the data, there were 1,256 fewer of them, which is a loss of 0.82%, compared to last month’s figures. However, the decrease in the number of addresses does not prevent large investors from holding an increasing number of digital coins. Experts believe that this may be due to the consolidation of assets. Perhaps some digital coin holders are consolidating their investments by moving funds to single addresses to manage their portfolio more efficiently. It could also indicate high confidence in the rising value of Bitcoin. The
activity of large holders is considered an important indicator to gauge the current state of the market. The accumulation of BTC by large investors in the face of rising price could indicate a continuation of the bullish trend. However, these dynamics should be monitored to understand how long the bull rally may last.
Against the backdrop of growth, analysts pay attention to other metrics
For example, it’s important to consider how many coins are being held off exchanges. An increase in the number of bitcoins in cold wallets often indicates that investors are willing to hodge assets for the long term. As the price of Bitcoin rises, there is global interest in the cryptocurrency market. This record further emphasizes the importance of large investors in shaping momentum.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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