Skip to main content


Bitcoin suffered yet another tumble, losing roughly 10% over the past week. Despite these volatile price movements, Santiment’s latest analysis reveals that key stakeholders aren’t budging on their BTC holdings.

While looming concerns and FUD spreading within trading circles as the April 19th halving approaches exist, it is also important to note that certain whale groups have demonstrated significant confidence in Bitcoin’s long-term potential.

Bitcoin Investors Hold Steady

The accumulation trend is evident by the data suggesting that wallets holding between 100 to 1,000 BTC purchased 43,489 coins, equivalent to $2.75 billion since March 1st.

A similar pattern was seen across wallets with holdings ranging from 1,000 to 10,000 BTC, which amassed 80,544 coins, totaling $5.1 billion during the same period. Wallets holding between 10,000 to 100,000 BTC also accumulated 91,732 coins, worth around $5.8 billion.

This data compiled by the crypto analytic platform essentially suggests that despite short-term market turbulence, large-scale investors remain committed to Bitcoin, indicating a strong underlying bullish sentiment towards the world’s largest cryptocurrency.

Experts believe that the market is currently in an uptrend. As such, the accumulation stage is expected to continue till the halving as Bitcoin trades within the 60,000-59,0000 zone.

Additionally, Intotheblock revealed that Bitcoin is currently sitting right atop a crucial demand zone, which indicates a potentially strong level of support. With over a million addresses historically acquiring over 530,000 BTC at an average price of $64.3k, this area holds significant importance as a potential stronghold for the cryptocurrency’s price. However, in case of a downside break, the next major demand zone is around the $56,000 level.

ETF Demand Stagnates

While on-chain accumulation remains strong, the same cannot be said for spot Bitcoin ETF demand, which appears to have stagnated, even when excluding ETF settlement transactions, according to CryptoQuant’s analysis.

The spot Bitcoin ETFs bled with outflows except for BlackRock’s iShares Bitcoin Trust (IBIT), which was the only fund recording inflows of $73.4 million on April 15th.

Digital asset investment products recorded outflows of $126 million last week, with Bitcoin accounting for $110 million as investors maintained caution.

SPECIAL OFFER (Sponsored)

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!




Source link

Leave your vote

Blockchain Beat

Author Blockchain Beat

More posts by Blockchain Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

close

Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.