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Home»Bitcoin»Interest in WBTC Rises – Will Bitcoin Follow Suit?
Bitcoin

Interest in WBTC Rises – Will Bitcoin Follow Suit?

2023-10-06No Comments3 Mins Read
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  • WrappedBitcoin (WBTC) attracted investors with rising whale transactions, network growth and new wallets.
  • Bitcoin holders remained optimistic and continued to accumulate their holdings.

Bitcoin [BTC] has managed to maintain its position above the $27,000 mark, keeping holders excited and encouraging further accumulation. However, it is not just Bitcoin that is attracting investors’ attention; Wrapped Bitcoin (WBTC) also saw huge interest.


Read the Bitcoin price forecast for 2023-2024


It’s a wrap!

For context, WBTC, short for Wrapped Bitcoin, is a tokenized version of Bitcoin that runs on the Ethereum blockchain.

It allows Bitcoin holders to participate in the Ethereum ecosystem, providing liquidity for decentralized exchanges and lending platforms. This interest in WBTC could have positive consequences for the crypto market.

Santiment’s data revealed some compelling trends regarding WBTC.

In October, WBTC observed whale transactions worth more than $1 million, the highest since March. Additionally, there was a substantial increase in network growth, not seen since July.

Most interestingly, there has been a notable spike in the creation of wallets with between 1 and 1K WBTC. A pattern reminiscent of what happened just before the crypto rallies in March and June.

Source: Santiment

Whales come in

Another aspect to take into account is the increased involvement of whales. Glassnode’s data showed that the number of addresses holding 1+ Bitcoin has reached an all-time high of 1,023,292.

While this shows growing interest and participation from large owners, it can also introduce a level of volatility to the market.

Source: Glassnode

The increase in whale activity could be a double-edged sword. On the one hand, it means growing confidence in Bitcoin and the broader crypto market. On the other hand, it can lead to significant price fluctuations because large investors have the ability to influence the markets with their trading decisions.

See also  Trump mint 17% because Hayes says that the Bitcoin can surpass

Upon closer examination of Bitcoin’s distribution among the largest holders, Arkham Intelligence identified prominent entities that fell into several categories.

Among listed companies, Coinbase is a major player, with a substantial holding of 2.0 million BTC. This significant stock translates into an impressive valuation of approximately $55.7 billion.

Grayscale took the lead in the asset managers category. With 628,000 BTC under management, Grayscale has a substantial portfolio worth approximately $16.5 billion.

Even government agencies are entering the Bitcoin arena. The United States government had a lot of influence over the ownership of 206,000 BTC, which represented a significant value of approximately $5.7 billion.


Is your portfolio green? Check out the BTC profit calculator


The world’s largest BTC holders by category:

Public Company – Coinbase: 2.0 million BTC ($55.7 billion)
Asset Manager – Shades of Gray: 628,000 BTC ($16.5 billion)
Individual – Satoshi Nakamoto: ~1.1 million BTC ($28.8 billion)
Government – ​​United States: 206K BTC ($5.7 billion) pic.twitter.com/PkTp69upeW

— Arkham (@ArkhamIntel) October 5, 2023

Despite the positive sentiment and increasing interest from whales, there is a worrying trend regarding miners’ incomes.

Miners’ revenues fell, which could potentially force miners to sell some of their holdings to maintain profitability. This increasing selling pressure from miners could impact Bitcoin’s price in the short term.

Source: Blockchain



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