Bitcoin experienced another price drop, resulting in a loss of approximately 10% during the last seven days. Surprisingly, Santiment’s recent findings indicate that major investors remain unfazed and continue to hold onto their Bitcoin.
As the Bitcoin halving on April 19th draws near, there are growing worries and rumors spreading among traders. However, it’s worth mentioning that some major investors or “whales” have shown strong belief in Bitcoin’s future value.
Bitcoin Investors Hold Steady
Since March 1st, data shows that approximately 43,489 Bitcoin coins, worth around $2.75 billion, have been acquired by wallets holding between 100 and 1,000 Bitcoins, indicating a clear increasing trend.
During the same timeframe, wallets containing between 1,000 and 10,000 Bitcoins collectively held 80,544 coins valued at approximately $5.1 billion. Likewise, wallets with holdings ranging from 10,000 to 100,000 Bitcoins accumulated around 91,732 coins worth roughly $5.8 billion.
Based on the analysis conducted by the crypto platform, it appears that big investors continue to buy Bitcoin, signaling a robust optimistic outlook for the leading cryptocurrency, even amid short-term market instability.
Based on the expertise of industry professionals, the market’s upward trend is thought to persist. Consequently, the accumulation phase is anticipated to carry on until the upcoming halving event. During this time, Bitcoin’s price is forecasted to fluctuate between 60,000 and 59,000.
Intotheblock reported that Bitcoin presently occupies a pivotal demand area, suggesting solid underlying support. This significant region has seen approximately one million wallets accumulating roughly 530,000 BTC at an average cost of $64,300. As a result, it serves as a crucial price barrier for Bitcoin. Nonetheless, should the price take a downturn, the subsequent demand area lies around $56,000.
ETF Demand Stagnates
According to CryptoQuant’s assessment, while there is continued growth in the accumulation of Bitcoin on the blockchain, the desire for spot Bitcoin exchange-traded funds (ETFs) seems to have slowed down, with this trend holding true even when disregarding transactions related to ETF settlements.
On April 15th, while most Bitcoin exchange-traded funds (ETFs) experienced significant outflows, BlackRock’s iShares Bitcoin Trust (IBIT) was the exception with inflows totaling $73.4 million.
Last week, there were withdrawals totaling $126 million from digital asset investment funds. Approximately $110 million of this amount was attributable to Bitcoin investments, reflecting a cautious stance among investors.
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2024-04-16 14:40