- BTC whales show accumulation and sell-off.
- BTC goes above $60,000 again.
Bitcoin’s Recent Rise [BTC], which surpassed $60,000, has sparked varying responses from different pockets. Given the actions these wallets are taking, has there been an impact on the number of holders?
Bitcoin whales show different reactions
Dates of Santiment showed divergent reactions between different categories of Bitcoin whale wallets to the recent rise in the BTC price.
The graph indicated an addition of over 187,000 new wallets with more than 0 coins. This showed a recent increase in the number of non-zero wallets as more people enter the market.
Moreover, wallets holding 100 to 1,000 BTCs have accumulated more than 78,000 coins in recent days.
Source: Santiment
In contrast, another category of whale portfolios showed a decline. Wallets holding 1,000 to 10,000 coins reduced their holdings by more than 75,000 BTCs. This decline means a sell-off of portfolios within these categories.
Upon closer examination, it becomes clear that the sell-off coincided with the rise in BTC prices.
The total number of BTC holders is seeing an increase
A survey of the total number of Bitcoin holders indicates a modest increase in recent days. Santiment’s chart showed a notable upward trend, with the figure staying within the 52 million range.
At the time of writing, the total number of holders stood at 52.53 million, up from 52.27 million on February 26. This slight increase indicates that, despite the prevailing price range, there is a growing number of emerging investors.
Source: Santiment
Furthermore, there has recently been an increase in the total number of Bitcoins in profit for existing holders. The graph analysis showed an increase from approximately 93.7% to over 98% between February 25 and March 1. This means that approximately 19.4 million BTCs are currently profitable.
How much are 1,10,100 BTCs worth today?
Bitcoin back above $60,000
At the time of writing this article, the Bitcoin Relative Strength Index (RSI) showed that it was still in a strong bull trend and was high in the overbought zone.
This is true even after a slight decline of over 2% on February 29, which dropped the price from approximately $62,390 to $60,800. However, as of this writing, the price has risen to over $61,000, with a marginal increase of less than 1%.
Source: trading view