Bitcoin Whales Increase Accumulation as Price Stabilizes Around $71,000
- Large wallets holding between 10 and 10,000 Bitcoin (BTC) now control 68.17% of the total supply, up from 68.07% a week ago.
- Bitcoin’s price is currently at $71,350, reflecting a weekly increase of 6.30% and a monthly rise of 7.55%.
- The Crypto Fear & Greed Index remains in “Extreme Fear” at a score of 16, indicating cautious investor sentiment.
- Recent data shows that Bitcoin whales had previously sold off significant holdings just before the price surged past $70,000.
- US spot Bitcoin exchange-traded funds (ETFs) reported their first five-day inflow streak of the year, totaling approximately $767.32 million.
The accumulation by large Bitcoin wallets may indicate a bullish trend as they shift to increase their holdings while retail investors’ participation declines. This dynamic suggests a potential transfer of coins from weaker hands to stronger ones.
With large holders controlling over two-thirds of Bitcoin’s supply and the price showing resilience around $71K, market dynamics are shifting significantly in favor of these whales.(Source)
