Bitcoin (BTC) Whales Make a Splash with New Milestone: All the Details

"Bitcoin Holdings Soar as Large Addresses Reach New Yearly High, Alameda Research and Genesis Collapse Causes Temporary Dip"

According to a recent report by IntoTheBlock, the balance held by addresses with more than 1,000 BTC has reached a new yearly high. This comes after a significant drop in the amount of Bitcoin held by addresses with more than 1,000 BTC, following the collapse of FTX-related Alameda Research and Genesis. However, since 2023, entities of this size have been steadily increasing their holdings, which now stand at 7.67 million BTC worth $275 billion. IntoTheBlock suggests that this indicates increased demand from large Bitcoin institutions and a strong position for these entities.

Another interesting trend highlighted by IntoTheBlock is the amount of BTC held by long-term investors, which has reached fresh all-time highs. Historically, addresses that have held Bitcoin for more than a year have been a predictor of Bitcoin cycle advancement. This is because long-term holders tend to increase their Bitcoin holdings during bear markets and at the start of bull markets, and reduce them near prior all-time highs. The rising balance of hodlers may indicate that investors, in general, expect Bitcoin to continue its upward trajectory.

On Thursday, Bitcoin came close to reaching $38,000 before experiencing a slight dip and currently trading at $36,459. IntoTheBlock’s blog post suggests that data from the futures market indicates that U.S. entities have played a key role in driving Bitcoin’s recent climb. The report points out that there is a significant number of bullish options bets on Bitcoin, with some predicting it to reach $40,000 and even $45,000 by the end of December. The $40,000 mark is seen as a critical test point for Bitcoin’s future progress.

It is worth noting that this article was originally published on U.Today, and the information provided is based on IntoTheBlock’s analysis of Bitcoin holdings and market trends.

Martin Reid

Martin Reid

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