The world’s largest cryptocurrency Bitcoin (BTC) has been under selling pressure recently constantly staying under $45,000 levels for a while now. However, this hasn’t stopped Bitcoin whales from buying in huge quantities.
Citing data from Santiment, crypto market analyst Ali Martinez noted:
Whales are buying Bitcoin. Addresses with 10,000 to 100,000 $BTC have purchased roughly 50,000 in the last four days. This significant number of tokens have been removed from known cryptocurrency exchange wallets, reducing the selling pressure behind Bitcoin.
On the other hand, Glassnode presents some interesting insights into the BTC holdings of short-term and long-term BTC holders. Nearly 17% of the Bitcoin supply has been spent in last five months but returned to profit after moving past $52.8K.
At the same time, the supply with long-term holders (LTHs) has now reached one-year high. The supply with LTH has reached 80% which was last seen in October 2020.
Glassnode further adds: “This suggests that many coins changed hands during the recent consolidation in $29k to $40k range. It also indicates $BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a 50%+ drawdown. Note, some of these coins are likely held by GBTC and custodians”.
Bitcoin Blockchain Hits New Milestone
As reported by Coingape, the Bitcoin blockchain has attained a new milestone adding 700,000th blockchain to the Bitcoin blockchain network. This milestone hints at the growing adoption of Bitcoin in the market.
With this, Bitcoin’s total circulating supply has reached 18,812,950 BTC. This is about 89% of the max supply of 21 million. Bitcoin also has been on the radar of many institution players recently. Several traditional pensions funds and market players are also seeking exposure to the digital gold asset class.
However, goign further in September, Bitcoin (BTC) investors can expect some volatility ahead. But Q4 has always been great for BTC investors.
Subscribe to our newsletter for free
