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The price of Bitcoin experienced a decline following an impressive surge to $45,000 earlier this month. During the market lull, Bitcoin’s loyal supporters continued to stack up tokens that may have aided in a mild recovery leading to the price stabilizing above $42,500.
According to the data compiled by Intotheblock, large Bitcoin holders accumulated approximately 20k BTC on December 16th, the highest daily amount in over a month.
- The decline in the price of BTC coincided with the announcement that the United States Securities and Exchange Commission had rejected a proposal from the major exchange, Coinbase, to revise cryptocurrency regulations.
- However, the accumulation trend sparks optimism despite Bitcoin’s failure to reclaim its yearly high.
Large Bitcoin holders accumulated roughly 20k on December 16th, the highest daily amount in over a month! pic.twitter.com/50uVDQd71s
— IntoTheBlock (@intotheblock) December 19, 2023
- These entities holding Bitcoin for the long term appear to be maintaining their positions without engaging in active trading or utilizing their BTC as collateral.
- Whales possess substantial amounts of digital assets. Due to the significant influence their buying and selling activities can have on markets, crypto watchers closely monitor their behavior to predict potential market shifts.
- While long-term holders have depicted a consistent accumulation trend since March 2023, the same cannot be said for short-term holders.
- The latter cohort resorted to capitalizing on the soaring prices that triggered the third sharpest selling-off of the year.
- Even as Bitcoin witnessed an increasing level of relevance and legitimacy as a global macro asset, retail traders seem to be staying on the sidelines. This observation is supported by Google search trends, which revealed a subdued level of retail enthusiasm in the crypto market.
