Over the past six weeks, these large BTC wallets have been the extreme beneficiaries of the market’s volatility. As the price of Bitcoin experienced fluctuations, these wallets added a staggering 212,450 BTC to their holdings. This accumulation represents an increase of 1.05% of the total Bitcoin supply.
Santiment’s analysis suggests that these large BTC addresses are likely comprised heavily of exchange liquidity providers. These entities play a crucial role in maintaining the liquidity of Bitcoin across various trading platforms.
Bitcoin surged to an all-time high of more than $73,700 in March of this year, when the Securities and Exchange Commission approved the first U.S. spot Bitcoin exchange-traded fund, or ETF.
Since then, Bitcoin prices have been consolidating within a well-defined $60,000 to $70,000 range with investor apathy and boredom setting in. This has resulted in widespread indecision and a market unable to create a strong trend in either direction.
According to Glassnode, the True Market Mean resides at a Bitcoin value of $50,000, which represents the average cost basis per active investor. This level remains a key pricing level for the market to remain above if the macro bull market is expected to continue.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
