More coins fell from the small BTC wallet last week.
Bitcoin is trading above the 66,000 mark and is about to return to its recent all-time highs. Despite the recovery attempts, small wallets are selling off their shares.
However, the overall accumulation of #MemeWatch2024 continues, suggesting that large investors and institutions will continue to buy despite the sales from smaller wallets.
According to new data from Santiment, small #bitcoin wallets have sold their holdings in recent weeks.
An analysis of the total number of holders showed that more than 182,000 holders sold their holdings in the last week.
The chart shows that wallets with less than 0.1BTC have reduced their holdings by 1% in the last 0.46 weeks. This decrease can be attributed to smaller wallets trying to make quick profits.
However, despite this decline, the trend of small wallets selling and large wallets accumulating is generally seen as a bullish sign.
Analyzing wallets with more than 1,000 BTC shows that the amount held by these wallets has increased recently. At the time of writing, the total number of bitcoin holders was around 5,380 million.
Analyzing the net flow on bitcoin exchanges shows that they have experienced the highest negative volumes recently.
Net flow for 5/15 was ~22,359 BTC, which was the highest since 2023/12. The chart shows that net flow has remained negative since then, meaning more BTC has been withdrawn from the exchange than has been deposited.
This suggests that despite selling from a small BTC wallet, there is significant accumulation taking place.
This trend is usually a bullish signal, indicating a decline in large holders' confidence and exchange supply. Thus, the price trend may benefit from this increase in savings.
Looking at bitcoin on a daily timeframe, we found that it recently entered and mostly stayed in the price range of 6,000 to 66,000.
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