According to CryptoPotato, Bitcoin has experienced a significant drop, losing approximately 10% in the past week. However, Santiment's recent analysis indicates that major stakeholders are not reducing their Bitcoin holdings. This comes amidst growing concerns and fear, uncertainty, and doubt (FUD) within trading circles as the April 19th halving draws near. It's noteworthy that certain whale groups have shown considerable faith in Bitcoin's long-term potential.
The accumulation trend is clear from data showing that wallets holding between 100 to 1,000 BTC bought 43,489 coins, equivalent to $2.75 billion since March 1st. A similar trend was observed in wallets with holdings ranging from 1,000 to 10,000 BTC, which accumulated 80,544 coins, totaling $5.1 billion during the same period. Wallets holding between 10,000 to 100,000 BTC also amassed 91,732 coins, valued at approximately $5.8 billion.
This data, compiled by the crypto analytic platform, suggests that despite short-term market turbulence, large-scale investors remain committed to Bitcoin, indicating a strong underlying bullish sentiment towards the world's largest cryptocurrency. Experts believe that the market is currently in an uptrend. As such, the accumulation stage is expected to continue till the halving as Bitcoin trades within the 60,000-59,0000 zone.
Intotheblock revealed that Bitcoin is currently sitting right atop a crucial demand zone, which indicates a potentially strong level of support. With over a million addresses historically acquiring over 530,000 BTC at an average price of $64.3k, this area holds significant importance as a potential stronghold for the cryptocurrency's price. However, in case of a downside break, the next major demand zone is around the $56,000 level.
While on-chain accumulation remains strong, the same cannot be said for spot Bitcoin ETF demand, which appears to have stagnated, even when excluding ETF settlement transactions, according to CryptoQuant’s analysis. The spot Bitcoin ETFs bled with outflows except for BlackRock’s iShares Bitcoin Trust (IBIT), which was the only fund recording inflows of $73.4 million on April 15th. Digital asset investment products recorded outflows of $126 million last week, with Bitcoin accounting for $110 million as investors maintained caution.
