Key Points
- Bitcoin whale wallets have accumulated over 7 million BTC, indicating potential market recovery.
- There has been a slight increase in new Bitcoin addresses, showing renewed interest in the cryptocurrency.
Bitcoin whales have been steadily amassing Bitcoin (BTC) over the years, reaching a record level of holdings recently. This trend has been accompanied by a resurgence in the cryptocurrency’s price, which has reclaimed a price level from which it had previously declined, suggesting potential market recovery or stabilization.
Record Accumulation by Bitcoin Whales
Data from IntoTheBlock reveals that the balance of wallets holding 1,000 or more BTC has risen to over 7.9 million Bitcoins. At the current market rate, these holdings would be worth nearly $529 billion, a significant portion of Bitcoin’s total market capitalization of over $1.3 trillion. This level of accumulation has not been seen in the past two years, signifying a substantial increase in holdings from these wallets.
This accumulation trend suggests that these major investors are either holding onto their positions with more conviction or actively accumulating more BTC, betting on its long-term value despite any short-term market volatility.
Increase in New Bitcoin Addresses
The data analysis also indicates a positive trend in Bitcoin’s network, marked by both the growing holdings of Bitcoin’s whale wallets and an increase in the number of daily new addresses. After a sharp decline, the number of new Bitcoin addresses began to rise around 13 July, from approximately 244,578 to nearly 291,000.
This uptrend in new address creation is indicative of renewed interest or an influx of new participants. The growth in new addresses can contribute to greater network activity and liquidity, potentially leading to stronger price trends.
Bitcoin’s New Price Zone
Another analysis reveals a significant uptick in Bitcoin’s price at the end of the trading session on 19 July, with an appreciation of over 4%. This uptick elevated the cryptocurrency from around $64,000 to $66,000. As a result, the value of Bitcoin held in whale wallets increased, hitting an approximate total of nearly $529 billion.
Although there has been a slight decline in Bitcoin’s price since this peak, it has managed to maintain its position within the $66,000-range.
