🔥🔥🔥 #bitcoin☀️ Hits $58K While Mid and Large Wallets Stall, Wen New ATH?
As of today, Bitcoin has reached $58,000, with growing
- optimism among retail traders. However, according to market intelligence platform Santiment, for Bitcoin to return to its all-time high levels, shifts in wallet size distribution will be critical.
Retail Traders Boost Small Wallet Growth
- Santiment’s data indicates that wallets holding less than 1 BTC are at their highest level in seven months, signaling increased confidence among retail traders. These smaller wallets, which represent a significant portion of retail traders, have been steadily accumulating Bitcoin, reaching their largest share of the total supply since February 7, 2024. This rise suggests growing confidence among new and smaller investors, although traditionally, large holders have driven major price rallies.
Mid-Sized and Large Wallets Show Stagnation
- In contrast, wallets holding between 1 and 100 BTC saw their supply share peak on July 27, 2024, but have shown little movement since then. Similarly, larger wallets with over 100 BTC reached their highest point on August 14, 2024, but have since plateaued. This stagnation indicates that neither mid-sized nor large holders are aggressively accumulating, which typically signals bullish sentiment. Instead, their neutral behavior suggests caution or profit-taking.
- Santiment notes that for Bitcoin to approach all-time high levels, wallets holding less than 1 BTC would typically be selling, mid-sized wallets would continue to grow, and large holders would be accumulating heavily.
Potential #BullishMomentum ?
Despite stagnation among large wallets, IntoTheBlock data shows 8.03K BTC withdrawn from exchanges in the past 24 hours. Over the past week, 6.29K $BTC was withdrawn, and 9.6K BTC in the last 30 days. This decreasing supply on exchanges may reduce selling pressure and potentially boost Bitcoin’s price if demand rises.
Source - thecryptobasic.com
