The largest Bitcoin ($BTC) holders on the blockchain have added 16% more coins to their holdings over the last 30 days, and now have over 776,000 BTC worth over $16 billion at the time of writing in their wallets.
According to blockchain analytics firm IntoTheBlock, “giga-whales,” defined as entities that hold over 100,000 BTC in their wallets, have been increasing their BTC holdings to a new record. Per the firm, there are only 5 addresses on the network with over 100,000 BTC – $2 billion – in their wallets.
As CryptoGlobe reported, earlier this month bitcoin whale activity surged to a 4-month high as large holders were buying the flagship cryptocurrency’s dip when it approached the critical $20,000 mark.
According to IntoTheBlock, which uses a metric called Large Holders Inflow to track the funds going into addresses belonging to BTC whales, the largest inflow since February of this year were spotted this month, with 116,000 bitcoins worth $2.5 billion moving in a single day.
The movement may have pointed to a potential bottom of the cryptocurrency’s price as “these addresses tend to buy in size following significant market corrections.” Bitcoin’s price has recently plunged amid a wider market correction that saw the market capitalization of the crypto space drop below $1 trillion.
Santiment, an on-chain and social metrics cryptocurrency firm, noted that while cryptocurrency markets “have been suppressed” there has been an increase in the amount of larger BTC addresses on the network.
Per the firm, addresses with 10 to 10,000 BTC have recently surged, while addresses with 10,000 BTC or more have been growing since February.
As reported, technical analyst Katie Stockton, founder of Fairlead Strategies, has predicted bitcoin could soon see a relief rally that would be muted over the ongoing downtrend in the market. The analyst pointed to key support levels to watch.
The technical analyst added that “with this kind of decline support levels are being taken out,” with the last support level being “broken decisively enough that we’re already on the next support level.” These support levels, Stockton noted, are long-term levels.
Per Stockton, BTC’s price level Fairlead Strategies is watching is “about $18,300 to $19,500” based on Fibonacci retracement levels, which are levels associated with specific percentages based on the Fibonacci sequence, which was first developed and used by ancient Indian mathematicians, according to Investopedia.
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