Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Bitcoin whales show confidence in market by accumulating more BTC

GrafaGrafa2024/09/05 05:05
By:Isaac Francis

Bitcoin (CRYPTO:BTC) holders with significant amounts, between 100 and 1,000 BTC, are demonstrating confidence in the cryptocurrency's future by continuing to accumulate more Bitcoin despite recent market ups and downs.

Data from DeFi market intelligence platform IntoTheBlock reveals that these addresses now control 20.3% of Bitcoin's circulating supply.

With 94.05% of Bitcoin's total supply in circulation, around 19.75 million coins are currently available, and roughly 395,000 BTC are held by these large wallets.

Since Bitcoin's fourth halving in April this year, the market has experienced sideways movements and several corrections.

Instead of selling off or making quick moves, addresses holding between 100 and 1,000 BTC have maintained their strategy, steadily adding more Bitcoin to their holdings.

This behavior indicates a strong belief in Bitcoin’s long-term potential.

The continued accumulation suggests these large holders are not swayed by short-term market changes.

They appear to view any dip in prices as an opportunity to buy more, betting on Bitcoin's future growth.

As some market watchers speculate about the possibility of Bitcoin hitting new highs soon, these holders seem prepared to wait, confident that any current setbacks are temporary.

This steady approach by Bitcoin whales shows a focus on the long game.

By holding on and adding more Bitcoin during periods of volatility, they are making a bet on the cryptocurrency’s future strength.

Their actions could signal to other investors the confidence that some of the biggest players have in Bitcoin's long-term value, even amid market turbulence.

At the time of reporting, the Bitcoin (BTC) price was $56,991.57.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Critical FED Interest Rate Decision Expected in Bitcoin Today! What Time Will It Be Announced? Here Are the Expectations and Things to Know!

While the FED's interest rate decision is awaited in Bitcoin today, it remains unclear whether the FED will reduce interest rates by 25 basis points or 50 basis points.

Bitcoinsistemi2024/09/18 20:06

Last Minute Interest Rate Announcement from BofA and Two Companies – Here is the Decision They Expected Just Ahead

Analysts from BofA and two other firms shared their latest expectations for the Fed's interest rate decision, which is now just minutes away.

Bitcoinsistemi2024/09/18 20:03