bitcoin (btc) struggled to build on its recent momentum over the past week, reflecting the overall bearish market mood. However, the latest on-chain revelation suggests that investors continue to show significant faith in the leading cryptocurrency and its prospects.
bitcoin addresses with more than 10 btc reach all-time high: Santiment
According to a recent report from blockchain data tracker Santiment, there has been considerable growth within a particular class of bitcoin investors. The on-chain analytics platform highlighted that the number of shark and whale addresses containing at least 10 btc has increased markedly since the beginning of 2022.
The report revealed that an additional 11,806 addresses contain more than 10 btc, reflecting an increase of 8.12% over the past 20 months. According to Santiment data, there are currently 157,400 wallets containing at least 10 bitcoin, surpassing its record set in 2019.
Since February 2022, there has been a historic increase in shark and whale portfolios with at least 10 $btc. In the last 20 months, since this accumulation of new large wallets began, 11,806 more addresses have reached this threshold, a total increase of 8.12%. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n
– Sentiment (@santimentfeed) October 13, 2023
Another recent Sentiment report has further strengthened the bitcoin accumulation argument. The number of addresses containing between 100 and 1000 btc saw its largest single-day increase since February 2022.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoinThe number of whales had another day of great accumulation. 16 more wallets now have between $100 and $1,000 $btc, and correlate with smaller portfolios ‘graduating’ to the next level. As key stakeholders grow, the argument for a #bullish The future becomes stronger. https://t.co/DOvRLpGspw pic.twitter.com/EQW8jZsTtn
– Sentiment (@santimentfeed) October 14, 2023
The October 14 report revealed that 16 additional addresses hold between 100 and 1000 btc. Sentiment noted that this particular scenario goes hand in hand with the trend of accumulating smaller wallets (addresses with at least 10 btc).
Ultimately, these important on-chain developments indicate a steady accumulation of bitcoin despite price fluctuations and market instability. Meanwhile, Santiment noted that the case for a bullish trajectory is becoming more evident as key bitcoin investors grow.
btc Price – Overview
At the time of writing, bitcoin is valued at $26,901, with negligible price movement in the last day. However, a broader look at the btc price chart shows that the cryptocurrency has been struggling over the past week.
According to data from CoinGecko, bitcoin has seen a 3.7% price drop over the past seven days. After failing to break the $28,000 mark, the leading cryptocurrency saw its price drop to $26,500 for the first time in October.
Although the news from the United States bitcoin-etf/” target=”_blank” rel=”nofollow”>The Securities and Exchange Commission (SEC) chooses not to appeal Grayscale’s decision might have relieved investors, bitcoin price has barely capitalized on the positive development.
However, most investors seem optimistic about the future of bitcoin, especially as the approval of a spot exchange-traded fund (ETF) seems more likely than ever.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/ut2bj2Ss/" alt="bitcoin” width=”2174″ height=”1442″ loading=”lazy”/>
btc price at $26,897 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
