- The number of BTC whales holding between 100 and 100,000 BTCs has increased significantly over the past three months
- Despite the recent price problems, bullish sentiment continues to grow
According to Santiment, Bitcoin [BTC] Whale addresses holding between 100 and 100,000 coins have acquired a total of 319,310 BTCs (worth approximately $22 billion at current market prices) in the past three months.
🐳↗️ #Bitcoin‘s key stakeholders with 100-100K $BTC have COLLECTED a collective 319,310 $BTC (approximately 1.4% of the supply) in the past 3 months. Many of these coins came from 0-100 $BTC wallets, of which 105,260 have been dumped $BTC (-0.7% of supply) in 3 months. https://t.co/6KKFgZzrPz… pic.twitter.com/kXyQrOIRGA
— Santiment (@santimentfeed) April 5, 2024
According to the on-chain data provider, most of these coins come from wallets holding between zero and 100 BTCs. This cohort of BTC investors distributed approximately 105,260 BTCs from their holdings during the 90-day period.
At the time of writing, 16,000 addresses owned 100 and 100,000 BTCs, controlling 57% of the coin’s circulating supply. On the other hand, the total number of BTC addresses holding between zero and 100 coins was 52 million. These addresses contain 40% of the circulating supply of BTC at the time of writing.
Bullish in the face of setbacks
Here it is worth noting that Santiment added that the acquisition of coins by its keyholders in the past three months “is a bullish sign for Bitcoin and the entire cryptocurrency, given that the wallets with the most appeal to to move markets, they seem to have considerable confidence in it.” The Future Value of Bitcoin.”
Coin accumulation from this category of BTC investors has occurred despite the recent headwinds and significant resistance faced by the $70,000 price level. In fact, BTC was trading at $68,026 at the time of writing, representing a 3% price decline over the past seven days.
A review of the coin’s funding rates on cryptocurrency exchanges confirmed the market’s confidence that Bitcoin would break resistance and soon regain its all-time high of $73,750.
Read Bitcoin’s [BTC] Price forecast 2024-25
Financing rates are a mechanism used in perpetual futures contracts to ensure that the contract price remains close to the spot price.
If the contract price of an asset is higher than the spot price, traders who hold long positions pay a fee to traders who short the asset. The funding rates return positive values when this happens. When an asset’s funding ratio is positive, more traders hold long positions. This means that more traders expect the price of the asset to rise than there are traders expecting a fall.
At the moment of writing, Mint glass data showed that BTC’s funding rate was 0.0084%.
Source: Coinglass
Although BTC witnessed significant profit-taking as it hit a new all-time high on March 14, the year so far has been marked by a steady decline in the cryptocurrency’s foreign exchange reserve.
With a reserve of 2 million coins, the total number of BTC held on exchanges has fallen to the lowest level since 2018. This year alone, the coin’s exchange reserve has fallen by more than 30%, according to CryptoQuant’s facts.
Source: CryptoQuant
The steady decline in foreign exchange reserves is a sign of easing selling pressure. With Bitcoin facing significant resistance at $70,000, many holders remain confident that it will regain its all-time high.
