Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,136,204,257,110	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,136,204,257,110

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,318.51	2.33%	57,967.65	57,964.65	57,967.65

Price Change

Price Change %

Current Price

Bid Price

Offer

1,318.51

2.33%

57,967.65

57,964.65

57,967.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,268.39	56,020.32	56,584.54	56,649.14	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,268.39

56,020.32

56,584.54

56,649.14

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:09:36	0.000020	57,964.66	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:09:36

0.000020

57,964.66

USD

Price x Volume	Volume	Base Symbol	Related Pairs
423,488,761.51	7,420.72	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

423,488,761.51

7,420.72

Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH

04/07/2024 6:00am

NEWSBTC

Bitcoin continues to be incredibly bearish amid negative market headwinds but that has not stopped investors from taking their positions during this time. These large investors who are holding more than $600,000 worth of Bitcoin have been accumulating BTC at an accelerated rate over the last six months. Bitcoin Holders Increase Wallet Holdings On-chain data tracking platform, Santiment, recently revealed that Bitcoin investors have been increasing their holdings over the last six months. According to the report posted on X (formerly Twitter), the major cohort involved in this buying are the wallets holding more than 10 BTC in their wallets. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments The report shows that over the last six months, these holders have increased their collective holdings by 1.07%. While this may seem like only a small increase, it translates to over 5,000 BTC that these wallets have added in the space of half a year. A trend that has been maintained during this accumulation is the fact that the buying has gone up whenever the Bitcoin price has crashed. For example, in early May when the Bitcoin price crashed, these wallets increased their buying. This time around, as the BTC price has struggled to retain the $60,000 level, they have begun to buy once more. Santiment’s data shows that during the last month, their holdings have increased drastically, bringing it to a total of 16.17 million BTC held by these wallets. USDT And USDC Holdings Supports Accumulation Theory One thing that also suggests that these whales have been buying Bitcoin aggressively over the last six months is the change in the USDT and USDC holdings of wallets. Usually, investors will hold these stablecoins as a way to avoid market volatility and wait for better prices. However, once prices get low enough, they begin to buy, and this buying translates to a drop in the balances of their stablecoin holdings. For example, Santiment’s report points to a drop in the USDT and USDC holdings of sharks and whales holding between $100,000 and $1 million, although the USDT holdings have taken more of a hit. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price USDC holdings of these large wallets have dropped by 1.99% in the last six months, bringing their holdings to 34.2% of the current supply. Meanwhile, USDT holdings have dropped by 5.37% in the same time period, dropping their holdings to 30.3% of the total supply. What this shows is a willingness to buy Bitcoin at these low prices in anticipation of a price recovery. If this buying continues, it could created a much-needed support for the BTC price at $60,000, increasing the possibility of a price increase from here. Featured image created with Dall.E, chart from Tradingview.com

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