Bitcoin
Bitcoin’s $60K surge: Whales to buy or sell now?
The reaction to the Bitcoin price increase has been different, but more non-zero addresses have emerged.
- BTC whales show accumulation and sell-off.
- BTC moves back above $60,000.
The recent surge in Bitcoin [BTC], surpassing $60,000, has prompted varied responses from different wallets. Considering the actions taken by these wallets, has there been an impact on the number of holders?
Bitcoin whales show different reactions
Data from Santiment showed divergent responses among different categories of Bitcoin whale wallets to the recent increase in BTC price.
The chart indicated an addition of more than 187,000 new wallets with more than 0 coins. This showed a recent increase in non-zero wallets as more people entered the market.
Additionally, wallets holding 100 to 1,000 BTCs have accumulated over 78,000 coins in the past few days.
Source: Santiment
However, in contrast, another category of whale wallets showed a decline. Wallets holding 1,000 to 10,000 coins reduced their holdings by over 75,000 BTCs. This decline signifies a sell-off from wallets within these categories.
Upon closer examination, it becomes evident that the sell-off coincided with the rise in BTC prices.
Total number of BTC holders sees an increase
An examination of the total number of Bitcoin holders indicates a modest increase in the past few days. Santiment’s chart showed a notable uptrend, maintaining the figure within the 52 million range.
At the time of this writing, the total number of holders was 52.53 million, compared to the 52.27 million observed on 26th February. This slight increase suggests that, despite the prevailing price range, there is a growing number of emerging holders.
Source: Santiment
Additionally, there has been a recent surge in the total number of Bitcoin in profit for existing holders. The chart analysis showed an increase from around 93.7% to over 98% between 25th February and 1st March. This signifies that about 19.4 million BTCs are profitable as of now.
How much are 1,10,100 BTCs worth today
Bitcoin back above $60,000
At the time of this writing, the Bitcoin Relative Strength Index (RSI) showed that it was still in a strong bull trend and positioned high in the overbought zone.
This holds even after experiencing a slight decline of over 2% on 29th February, bringing its price down from around $62,390 to $60,800. However, at the time of this writing, the price has rebounded to over $61,000 with a marginal increase of less than 1%.
Source: Trading View
