Does the crypto community still trust bitcoin? Oh yeah. Although volatile, the queen of cryptocurrencies has not yet lost her splendor. Both among individual investors and whales. Looking at recent statistics, the best BTC whales have performed again. Decryption!
The surprising rise of bitcoin whales
What interests crypto traders about bitcoin? First of all, its ability to substitute fiat currencies and also its supremacy over altcoins. You will find further details on its distinction in this article.
Thus, many continue to hope for a bright future by betting on bitcoin.
“ The number of BTC addresses holding more than 10 coins just reached a 3-year high at 157,324.
See the metric: https://studio.glassnode.com/metrics?a=BTC&m=addresses.Min10Count »
Referring to this Glassnode analytics data, U°Today highlighted a new record set by the largest bitcoin holders. In 3 years, the number of BTC whales whose crypto wallet is backed by 10 coins has never stopped growing.
At the moment, we are counting 157,324 wallets holding 10 BTCor $259,200 if we take into account the price of the queen of cryptocurrencies.
Glassnode Alerts mentioned this great performance yesterday, September 2. The automated service of the on-chain analysis platform Glassnode has also seen a steady increase in the number of bitcoin whales from this category since March 2022.
Gold, this period is marked by a proven bear market following the Terra fiasco, followed a few months later by the FTX storm. Glassnode’s metric, showing parabolic growth at the same time, is enough to amaze crypto analysts.
At the same time, U°Today highlighted that Grayscale’s legal victory against the SEC ignited crypto whales. This effectively caused an accumulation of approximately 388 million BTC in just 24 hours well before the judge’s decision.
A completely normal situation given the temporary increase of 7% displayed by bitcoin at the same time.
Bull Run Bitcoin and the role of stablecoins
Another fact mentioned by crypto analysts in these new records made by BTC whales: theaccumulation of stablecoins.
What do stablecoins have to do with this story? In fact, these cryptocurrencies serve asassets needed to complete the purchase of other cryptos like bitcoin.
“ The whales show themselves particularly undecided on the accumulation of stablecoins. A proven method for predicting where crypto is headed next is to analyze large wallets to see the ratio of stablecoins they hold. An increase in their purchasing power would be a sign of a rebound. »
In other words, the purchase of BTC by whales, which always has a positive impact on the price of bitcoin, requires stablecoins. Which gives this equation: the more they accumulate stable cryptos, the more the price of bitcoin increases.
Except that Santiment clarified that in recent days, the stablecoin accumulation indicator remained “ neutral ».
And this is sure to affect the price of BTC or at least keep it below $26,000. However, we must remain hopeful because the decline will not last that long.
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