Coin Edition -
- Bitcoin whales bought more coins worth $12.95 billion since the start of 2024.
- Retail impact on price has been insignificant as the number of new addresses dropped.
- Bullish momentum dropped, suggesting a downtrend to $49,941.
According to Santiment, Bitcoin (BTC) addresses that hold between 1,000 to 10,000 coins played significant roles in driving the price up. In most corners, Bitcoin’s climb to $52,000 has been attributed only to institutional demand. This was because of the increasing Bitcoin ETF inflows registered by several issuers.
However, a recent post by the crypto analysis tool showed that 1,000 to 10,000 BTC holding cohorts have accumulated $12.85 billion in 2024. On the other hand, the 100 to 1,000 group had let go of $7.89 billion within the same period.