Amid negative sentiment surrounding Bitcoin and the entire digital asset industry, BTC whales are becoming more visible in the cryptocurrency market as more wallets contain 10 or more of the coin. lighthouse rose. reached a record.
This rise highlights strong conviction in the long-term value of Bitcoin as it navigates a challenging landscape of price volatility and regulatory hurdles. This also indicates that BTC has strong fundamental support going forward, which is consistent with general market optimism.
Bitcoin Whale Accumulation Hits 2-Year High
According to blockchain analytics firm Santiment, the number of such large holdings has peaked at a level not seen since 2022, indicating a strategic move by major players to strengthen their positions in the leading cryptocurrency asset.
On-chain data shows that since February 2022, the number of wallets holding 10 BTC or more now controls 82% of the supply, indicating a resurgence of confidence in the long-term value of the cryptocurrency. Given the erratic nature of the cryptocurrency market and the regulatory uncertainty that has plagued it of late, this trend is particularly important.
Furthermore, Santiment noted that since then, a lot has happened, such as The value of Bitcoin increasing by over 226%, demonstrating its position as a potential coin in the crypto market.
The message said:
Wallets holding 10 or more Bitcoins have collectively equaled their same level of holdings from exactly 2 years ago. A lot has changed since then, including an increase in the market value of Bitcoin by +226%.
Draw attention to FTX collapse in 2022the analytics platform highlights the crypto community’s belief that the incident successfully suppressed cryptocurrency prices in the second half of 2022. However, after the exchange closed in November 2022, there was a correlation clear between the total market value of Bitcoin and wallets holding cryptocurrencies. more than 10 BTC.
The growing number of large stocks is notable because these whales often have a significant impact on market dynamics, particularly regarding price stability and liquidity.
Therefore, their accumulation of the flagship coin can be an indication of optimism and possibly lead to further price growth. However, it is important to face the market knowing exactly what risks are involved, even if this accumulation could be a bullish indication.
Large BTC Holders Deemed Useless
With this type of development generally considered a bullish signal for price action, TOBTC, a trading platform has Underlines views of several analysts on development. Depending on the platform, BTC Whale Watching or following the movements of major investors Bitcoin is popular on social media, but traders consider it useless for valuable analysis.
Related reading: If Bitcoin ETFs Buy, Who Sells? Answers from top analysts
Several analysts say whale movements are mostly poorly understood and not a reliable indicator of market trends. Thus, they caution against making market claims based solely on whale measurements, pointing out that this data is sometimes noisy and essentially acts as bait for social media engagement.
Featured image from iStock, chart from Tradingview.com
