Bitcoin (BTC) struggled to build on its recent momentum over the past week, due to the bearish environment in the overall market. However, the latest on-chain revelation suggests that investors continue to show significant confidence in the leading cryptocurrency and its prospects.
Bitcoin addresses with more than 10 BTC reach an all-time high: Santiment
According to a recent report from blockchain data tracker Santiment, there has been significant growth within a certain class of Bitcoin investors. The on-chain analytics platform highlighted that the number of shark and whale addresses holding at least 10 BTC has increased significantly since the beginning of 2022.
The report shows that another 11,806 addresses hold more than 10 BTC, reflecting an increase of 8.12% over the past 20 months. Based on data from Santiment, there are currently 157,400 wallets holding at least 10 Bitcoin, surpassing the 2019 record.
🐳🦈 Since February 2022, there has been a historic increase in the number of shark and whale portfolios by at least 10 $BTC. Over the past twenty months, since this pile-up of new major wallets began, an additional 11,806 addresses have reached this threshold, a total increase of 8.12%. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n
— Santiment (@santimentfeed) October 13, 2023
Another recent one Santiment Report has further strengthened the Bitcoin accumulation argument. The number of addresses holding between 100 and 1,000 BTC witnessed the largest single-day spike since February 2022.
🐳 #BitcoinWhale numbers had another huge accumulation day. There are now 16 wallets with between 100 and 1K $BTC, and they correlate with smaller wallets ‘graduating’ to the next level. As key stakeholders grow, the argument for a #bullish future becomes stronger. https://t.co/DOvRLpGspw pic.twitter.com/EQW8jZsTtn
— Santiment (@santimentfeed) October 14, 2023
The October 14 report showed that 16 additional addresses were from 100 to 1,000 BTC. Sentiment noted that this particular scenario coincides with the accumulation trend of smaller wallets (addresses holding at least 10 BTC).
Ultimately, these major on-chain developments indicate a steady accumulation of Bitcoin, despite price fluctuations and market instability. Meanwhile, Santiment pointed out that the case for a bullish trajectory is becoming clearer as core Bitcoin investors grow.
BTC Price – Overview
At the time of writing, Bitcoin is valued at $26,901, with negligible price movement over the past day. However, a broader look at the BTC price chart shows that the cryptocurrency has struggled over the past week.
According to data from CoinGecko, Bitcoin has experienced a 3.7% price drop over the past seven days. After the leading cryptocurrency failed to cross the $28,000 mark, its price saw its first collapse towards $26,500 in October.
Although news from the United States Securities and Exchange Commission (SEC) decides not to appeal The Grayscale decision may have relieved investors, but Bitcoin’s price has hardly benefited from the positive development.
Nevertheless, most investors seem optimistic about Bitcoin’s future, especially now that the approval of a spot exchange-traded fund (ETF) seems more likely than ever.
BTC price at $26,897 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView