Bitcoins Price Stands Still but These BTC Wallets Are Making Big Moves: Data
Bitcoins price actions in the past several days have been quite uneventful, with little to no movements after last weeks recovery from the sub-$40,000 dip.
However, data from Santiment shows that some of the largest investors have been using this moment to move sizeable portions of their holdings.
#Bitcoin is ranging between $41K and $44K, but whale wallets are moving big this week:
Number of 1K-10K $BTC Wallets: 1,958 on Feb. 1st (Most since November, 2022)
Number of 100-1K $BTC Wallets: 13,735 on Feb. 1st (Least since November, 2022)https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2Santiment (@santimentfeed) February 3, 2024
The analytics company highlighted the decline of certain wallets holding between 100 and 1,000 BTC. Such investors have dropped by 1.1% in less than a week.
Moreover, their number is down to 13,735 the lowest since November 2022 when BTCs price slumped amid the FTX bankruptcy and the shockwaves it sent through the entire industry.
Its not all negative, though. While these more retail-oriented investors have been disposing of their assets after the ETF approvals in the States, whales behavior has been exactly the opposite.
Within the same 6-day timeframe, Bitcoin whales, holding between 1,000 and 10,000 BTC, have grown their stashes by 2.5%. In other words, there are 47 new such wallets created within less than a week.
Their number is currently at 1,958 the highest since November 2022.
In this same time period, BTCs price has been quite sluggish. Aside from a few brief and unsuccessful attempts to overcome $44,000, the cryptocurrency has been trading predominantly in a tight range of between $41,000 and $43,000.
The post Bitcoins Price Stands Still but These BTC Wallets Are Making Big Moves: Data appeared first on CryptoPotato.
Text source: CryptoPotato
