Bitcoin
Large Bitcoin wallets reach pre-FTX levels – What it means for BTC
Bitcoin remained above the $60,000 level and recently broken into the top-ten TVL ranking.
- Addresses holding 1,000 or more have added more BTCs in the last four months.
- BTC maintained the bear trend with its current price trend.
Bitcoin [BTC] has recently seen a rise in its price and the volume held by some addresses. This increase is significant as it approaches levels last seen before the FTX crash.
Additionally, Bitcoin has now entered the conversation around Total Value Locked (TVL), now ranking among the top 10 assets by TVL.
Bitcoin holders increase holdings
According to data from IntoTheBlock, there has been a notable increase in the volume of BTC held by certain Bitcoin wallets.
Specifically, the volume of BTC held by wallets containing 1,000 or more BTC has surged by 250,000.
This increase notably occurred following the approval of the spot ETF around January.
Source: Santiment
Analysis of the supply distribution revealed that the number of addresses in this range rose from approximately 1,888 in January to over 2,049 by February.
Despite subsequent declines, as of the current writing, it was around 2,019. Moreover, with the ongoing growth of these wallets, they are steadily approaching their pre-FTX crash levels.
Analysis of the chart showed that the number of addresses experienced a significant decline after the FTX crash in November, along with a decrease in volume within these addresses.
However, with the positive trends in BTC’s price and increased institutional participation, volume has been recovered.
Additionally, recent improvements have been observed in the BTC Total Value Locked (TVL).
Bitcoin features in top TVL ranking
According to data from DefiLlama, Bitcoin ranked ninth in terms of Total Value Locked (TVL) at the time of this writing. BTC’s TVL stood at $1.15 billion, surpassing Avalanche [AVAX].
The trend in TVL showed an uptick around February, reaching as high as $1.3 billion in April before experiencing some subsequent declines, leading to the current volume.
What’s notable about this TVL volume is that Bitcoin is the only L1 blockchain on the ranking that originally lacked smart contract functionality.
However, recent developments in the past few years have made it possible to implement smart contracts, enabling value to be locked on the network.
Bitcoin maintains its bull trend
Analysis of the Bitcoin price trend on a daily time frame chart revealed that it was trading at around $67,100. The price reflected an increase of less than 1%.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Bitcoin has surpassed the $61,000 price range in the past week and has sustained a price trend above the $65,000 zone for the last three days.
Additionally, it has entered a bull trend, as indicated by its Relative Strength Index (RSI).
Source: TradingView
