Following a recent sell-off, Bitcoin has rebounded to over $58,000, showing renewed strength. On-chain data reveals a notable increase in Bitcoin wallets holding over 10 BTC, reaching a two-month high.
Santiment reports a surge in whale and shark wallets, which have been buying from smaller traders selling during the dip. In July alone, the number of wallets with more than 10 BTC grew by 261.
CryptoQuant CEO Ki Young Ju highlighted that custodial wallets, which retain Bitcoin without outflows, accumulated 85,000 BTC recently. This trend is significant as it shows confidence among long-term holders despite 16,000 BTC exiting ETF holdings.
Moreover, Bitcoin ETF inflows have increased, with BlackRock’s IBIT leading the charge. Additionally, Bitcoin’s median transaction fee of $0.40 is currently lower than Ethereum’s $0.68, challenging the notion that BTC fees are always higher.
These developments suggest that major players are confident in Bitcoin’s long-term potential, reinforcing its strategic importance in the cryptocurrency market.
