🚀🚀 Bitcoin has been on a rollercoaster ride, dipping over the past few days with bears prowling near the $70,000 mark. The result? A 4% drop over the past week, with BTC trading near $66,000. 📉

But hold on, there's a silver lining! 🌈 Wallets holding 10 or more BTCs have reached their highest level in two years. This suggests that without FTX's influence, the market might be reflecting demand more accurately. 📊📈

According to Santiment, this period has seen a whopping 226% surge in bitcoin's price. As of June 16, 2024, wallets with 10+ BTC hold 16.16 million BTC, or 82% of the total bitcoin supply. 🐳💰

There's been speculation that former FTX chief, Sam Bankman-Fried, was suppressing crypto prices back in 2022. Since FTX's collapse in November 2022, there's been a clear correlation between the increased holdings of these wallets and BTC's overall market value. 🧐💡

This could mean that while FTX was operational, forces may have been at play to distort the correlation between large-holder buying/selling behavior and market prices. But now, in the post-FTX era, that correlation seems to have reasserted itself, with whale wallet holdings more directly impacting and reflecting the broader market valuation. 🔄🔍

The plot thickens with former FTX's sister hedge fund CEO, Caroline Ellison, revealing mass bitcoin selling during the dramatic FTX trial last year. She claimed that the disgraced FTX founder had conspired with her to manipulate and keep the bitcoin price below $20,000 using customer funds. 🕵️‍♀️🔦

This revelation led many to believe that bitcoin's failure to hit $100,000 during the 2021 bull market was due to this artificial sell pressure created by FTX execs. 🎭🎪

So, in the post-FTX era, it seems Bitcoin whale wallets are reclaiming their correlation with market value. Stay tuned for more updates! 🎢🚀