Market intelligence platform Santiment recently released an analysis noting that Bitcoin and altcoins have demonstrated strong recovery leading up to Christmas Day, showcasing the so-called “Santa Rally.” Bitcoin has rebounded, reaching as high as $99,000, with traders optimistic about a potential $100,000 milestone before the end of the year.
Bitcoin is currently trading at $98,409, marking a 4.22% increase over the past 24 hours. The cryptocurrency reached a high of $99,178, recovering from a low of $94,434 during the same period. Trading volume, however, has decreased by 14.44%, dropping to $46.5 billion from an average of $70 billion the previous day. Additionally, Bitcoin’s market dominance has risen to 56.76%, reflecting a 0.52% increase over the last 24 hours, according to the data from CoinMarketCap.
Notably, this surge comes despite the $338.4 million in net outflows from the Bitcoin exchange-traded funds (ETFs) on Tuesday, which marked the fourth consecutive day of outflows from spot Bitcoin ETFs, contributing to negative market sentiment. BlackRock’s Bitcoin ETF (IBIT) saw its largest outflow, amounting to $188.7 million, while Fidelity’s FBTC had an outflow of $83.2 million, followed by ARKB with $75 million, according to SoSoValue.
Bitcoin and altcoins have recovered well heading into Christmas Day. BTC has rebounded as high as $99K with traders hoping for a $100K Xmas gift. Here are the number of BTC wallets by size:
0-0.1 BTC Wallets: 50.17M
0.1-10 BTC Wallets: 4.31M
10-1,000 BTC Wallets:… pic.twitter.com/D2I5Lntu09
— Santiment (@santimentfeed) December 25, 2024
Bitcoin Wallet Distribution Signals Strong Market Sentiment, Bullish Outlook Predicted
The firm notes that regarding wallet distribution, the number of Bitcoin wallets by size presently is as follows: 50.17 million wallets hold between 0 and 0.1 BTC, representing individual retail investors. 4.31 million wallets contain between 0.1 and 10 BTC, likely belonging to a mix of retail and smaller institutional holders. 150,130 wallets hold between 10 and 1,000 BTC, indicating more serious investors or high-net-worth individuals. Lastly, there are 2,050 wallets with over 1,000 BTC, likely owned by large institutions or Bitcoin whales with considerable holdings.
Sentiment notes that the continued growth in the number of larger wallets—especially those holding 10 to 1,000 BTC—suggests a strong likelihood that the bull market will persist, provided these investors maintain their accumulation trends throughout 2024.
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