Bitcoin Wallets Experience Fluctuations as Small Addresses Surge on the Network
In a surprising turn of events, the Bitcoin (BTC) network is witnessing a subtle shift, as highlighted by the crypto analytics platform, Santiment. The platform has reported significant fluctuations in Bitcoin wallets over the past few months, leading to a highly erratic market.
Santiment’s analysis reveals that addresses holding less than one Bitcoin have flooded the network, while holders with one to 100 units have remained relatively stable. At the same time, Bitcoin wallets containing over 100 BTC are seemingly engaging in a profit-taking campaign. The data further indicates that the number of small Bitcoin addresses has reached a new high, with over 1.5 million new holders emerging in the past month alone. On the other hand, addresses within the 1-100 Bitcoin range have decreased by 118, and large wallet holders with over 100 BTC have seen 19 addresses removed during the same period.
These developments come at a time when a highly anticipated product with a 90% approval rating is expected to serve as a significant gateway for institutional investors to enter the Bitcoin ecosystem. This product is believed to have the potential to drive the price of Bitcoin to new heights, with many speculating that it could mark the beginning of the next major bull market cycle.
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