On Monday (June 12) in the Asian market, Bitcoin rose to $25,958, and has not really broken out of the sideways range mode. But judging from the on-chain indicators, extremely bullish sentiment is brewing. After the bad news that the US Securities and Exchange Commission sued Binance and Coinbase came out, whales quietly increased their holdings of Bitcoin, forming a buying spree, buying more than 1,000 Bitcoins a day, which is currently worth more than $26 million.
The SEC’s regulatory crackdown on cryptocurrencies has wiped out more than $100 billion in crypto market value. While altcoins continue to collapse under selling pressure from legal disputes between regulators and cryptocurrency exchanges, Bitcoin whales are snapping up tokens.
Big wallet investors on the Bitcoin network are accumulating assets amid the ongoing crypto “whale hunt,” with whales gobbling up 1,000 bitcoins per day, worth nearly $26 million, according to crypto intelligence tracker Santiment.
As shown in the above figure, large wallet addresses on the Bitcoin network received an additional 57,578 Bitcoins as the asset price fell 10% between April 9 and June 9. During the same time period, whales continued to add more than 1,000 Bitcoins per day to their accounts.
As mentioned in FX168's weekly report last week, although the share prices of Binance Coin and Coinbase suffered setbacks, they did not have much impact on Bitcoin. Barry Silbert, founder of DCG Digital Currency Group, gave the most insightful explanation that the lawsuit filed by the US Securities and Exchange Commission has nothing to do with tokens under the Proof of Work (POW) mechanism.
That said, tokens such as Bitcoin, Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC) are not included in any SEC lawsuits.
The article stated that Barry Silbert’s statement assured holders of POW tokens, including Bitcoin, that they are not currently at the center of the SEC’s legal action. As far as currency circle veterans are concerned, Silbert’s comments are of great significance in the cryptocurrency community.
Yes, it needs to be emphasized again and again that the SEC’s crackdown has had a huge counter-effect on altcoins, but it has not created any long-term negative impact on Bitcoin.
FXStreet analyst Ekta Mourya also made a similar point, saying that the SEC's crackdown has led to a sharp drop in the market value of altcoins. In addition, according to CoinGecko data, Bitcoin's dominance has soared from 44.21% to 45.69%.
She stressed: “The rise in Bitcoin dominance and whale accumulation are both positive for the asset.”
“These two bullish developments could catalyze a rebound in Bitcoin prices. Bitcoin is down 5.2% over the past week and is 62.7% below its all-time high of $69,044.”
At present, the short-term short position and long-term long position of Bitcoin are becoming more and more obvious. #币圈 #比特币 #区块链
