Data from blockchain analytics firms has shown that bitcoin whales haven’t been taking profit over the last few days, even as the price of the flagship cryptocurrency moves past the $45,000 mark.
According to on-chain analytics firm Santiment, bitcoin millionaire addresses holding between 100 and 10,000 BTC “aren’t showing profit taking signs on this surge” and now hold a combined 9.23 million BTC, which matches the all-time high for this investor category seen on July 28.
Data from Glassnode seemingly also shows that whales and other investors aren’t taking profits as the price of BTC keeps climbing. Per the firm, there hasn’t been a significant increase in coins bought over a year ago being spent.
Glassnode pointed out that during the 2018 bear market, investors that had been holding their coins for a similar period spent their funds “on most relief rallies.” Data from TradingView shows that the price of BTC has been climbing over the last 30 days, recovering from a $30,000 low seen after it crashed from a near $64,000 all-time high.
Lennix Lai, a director at OKEx, noted that the price of gold has reached a 4-month low on fears of Federal Reserve tapering, while the price of bitcoin rebounded over the last few weeks. Santiment also noted in a tweet the price of the precious metal and the cryptocurrency appear to be moving inversely.
As reported, Bloomberg analyst Mike McGlone has revealed he believes both Bitcoin and Ethereum are “discounted bull markets” that solidified their support bases in June and July, and could resume their upward price trajectories in the near future, with $100,000 being in play for BTC.
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