Santiment data shows that Bitcoin (BTC) whales are actively accumulating orange currency, with 16 new wallets currently holding 100-1000BTC. This trend indicates that investors' confidence in the future of flagship cryptocurrencies is constantly increasing
Santiment data shows that Bitcoin (BTC) whales are actively accumulating orange currency, with 16 new wallets currently holding 100-1000BTC. This trend indicates that investors' confidence in the future of flagship cryptocurrencies is constantly increasing.
Bitcoin Whale Accumulation
Recently, the big holders of Bitcoin (often referred to as "whales") have ushered in another noteworthy hoarding day.
At present, a total of 16 new wallets have entered the wallet category holding 100 to 1000BTC, showing a continuous growth trend.
It is interesting how the growth of larger wallets is correlated with the rise in rankings of smaller wallets, which may reflect the growing interest in cryptocurrencies. Although we avoid excessive excitement, these developments indicate that as more important stakeholders increase their holdings of Bitcoin, the argument about its potential positive future will strengthen.
On March 15th, Bitcoin Whale dispatched over 21000 BTCs to the exchange within 48 hours.
The surge in whale activity coincided with the rebound in the entire market, pushing the price of Bitcoin back above $26000. WhaleAlert highlighted seven major transactions during this period, with an unknown address transferring 1000BTC to Gate.io.
#The whale population of Bitcoin has ushered in another huge accumulation day. There are currently 16 wallets holding BTC of $100-1K, which are related to upgrading smaller wallets to the next level. As the main stakeholders grow, the argument of # bullish future becomes stronger- Santiment October 14, 2023
Bitcoin adoption rate growth
In relevant news, according to Glassnode's data, retail investors are accumulating Bitcoin at an unprecedented rate. The report shows that individuals holding less than 1 BTC increase by 28000 BTC per month, which is a speed never seen in the history of the network.
In addition, Italian luxury car manufacturer Ferrari has adopted cryptocurrency as a payment option, mainly to meet the growing demand of dealers and the market. The company will soon officially begin accepting BTC and ETH payments for its luxury cars in the United States, and plans to expand this payment option to Europe in the first quarter of 2024.
Enrico Galliera, Ferrari's Chief Marketing and Business Officer, emphasized that many of their clients are cryptocurrency investors. This move allows Ferrari to enter a new potential customer market, from young cryptocurrency investors to traditional customers seeking portfolio diversification.
Bitcoin price analysis and analyst opinions
As of the time of writing this article, the price of Bitcoin was $26863, which has fallen by 3.5% in the past 7 days. According to CoinGecko's data, the current supply of Bitcoin is 20 million BTCs, with a total market value of $524786774306. The RSI within the weekly time range is 44.
It is worth noting that Bitcoin currently faces support at the $26000 level and resistance in the $27500 area. This range reflects ongoing market volatility and potential key price points worth noting.
Although people are optimistic about the imminent halving of Bitcoin and the possibility of Bitcoin ETF approval, popular cryptocurrency analyst Nicholas Merton remains skeptical about the near future prospects of Bitcoin.
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