After a tumultuous period, bitcoin appears to be on the rise again, with indicators pointing to the resilience of the king of cryptos. Despite a notable decrease in bitcoin wallet addresses, there are signs that the flagship crypto is looking brighter. In this article, we explore the current trends and forces at play shaping the future of bitcoin.
The Mystery of the Missing Bitcoin Addresses
Lately, we have observed a significant decrease in the number of bitcoin wallet addresses, and this despite the enticing statistics from the end of June. According to Santiment data, approximately 672,510 addresses with non-zero balances have disappeared, which could indicate a loss of confidence among investors.
Yet history teaches us that These massive liquidations often precede a market reboundincreasing the likelihood of a recovery. One fact to note:
The percentage of Bitcoin supply in profit has dropped to 89.43%, a 6.5% drop since mid-June, when prices were around $70,000.
Despite this downward trend, other indicators remain positive, suggesting that the market could well rebound. After all, who doesn't like a good economic cliffhanger ?
Whales on the Prowl: Institutional Accumulation
While the little fish panic, the whales continue to swim serenely in the troubled waters of bitcoin. Institutional investors, via over-the-counter (OTC) markets, are accumulating bitcoins in droves.
Wallets holding more than a thousand bitcoins have seen their assets increase by 1.45 million BTC this yearreaching a total of 1.8 million BTC.
As CryptoQuant founder Ki Young Ju pointed out, these massive flows into institutional wallets show continued demand from large investors.
In 2021the whales received about 70,000 BTC per year ; now they receive 100,000 per week. An impressive increase that does not fail to attract the attention of analysts:
” When we see such massive liquidations, the likelihood of a continued recovery only increases. »
This is enough to reassure those who see bitcoin not only as a digital currency, but also as a real social phenomenon.
Bitcoin continues to surprise with its ability to attract both skeptics and optimists. Between shrinking wallet addresses and institutional accumulation, the flagship crypto shows that, like any good story, it is far from having said its last word and is allowing itself to reclaim its rights at this time.
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