Key Points
- Bitcoin’s recent surge above $60,000 has led to varied responses from different holders’ wallets.
- While some wallets have shown an accumulation of coins, others have shown a significant sell-off.
The recent rise in the price of Bitcoin (BTC), which has now exceeded $60,000, has led to a variety of reactions from different holder’s wallets. The question arises whether these actions have had any effect on the total number of holders.
Whale Wallets’ Divergent Responses
Data from Santiment shows differing reactions from various types of Bitcoin whale wallets in response to the recent BTC price surge. The chart shows an increase of over 187,000 new wallets with a balance greater than zero coins, indicating a recent rise in non-zero wallets as more individuals enter the market.
Furthermore, wallets holding between 100 to 1,000 BTCs have accumulated more than 78,000 coins in the past few days. On the other hand, wallets holding between 1,000 to 10,000 coins have reduced their holdings by over 75,000 BTCs, indicating a sell-off from these categories of wallets.
Impact on the Total Number of Bitcoin Holders
Examining the total number of Bitcoin holders, there has been a modest increase in recent days. Santiment’s chart shows a significant upward trend, with the total number of holders currently standing at 52.53 million, compared to the 52.27 million recorded on 26th February. This slight increase suggests a growing number of emerging holders, despite the current price range.
In addition, there has been a recent surge in the total number of Bitcoin in profit for existing holders. Chart analysis shows an increase from around 93.7% to over 98% between 25th February and 1st March, indicating that approximately 19.4 million BTCs are currently profitable.
Bitcoin’s Current Worth and Market Position
As of this writing, the Bitcoin Relative Strength Index (RSI) indicates that it is still in a strong bull trend, positioned high in the overbought zone. This remains the case even after a slight decline of over 2% on 29th February, which reduced its price from around $62,390 to $60,800. However, at the time of this writing, the price has rebounded to over $61,000, with a marginal increase of less than 1%.
