Large Bitcoin wallet holders have seen an 8.1% increase over the past 20 months, with an additional 11,806 addresses holding at least 10 BTC. This surpasses the previous record set in 2019, indicating a positive sentiment following the bear market of 2022. The data, released on Monday, suggests that despite fears of price corrections among long-term holders, large-scale transactions persist.
Just last week, transactions exceeding $100,000 totaled nearly $37 billion, highlighting active market activity. WhaleAlert reported two significant transactions involving more than $100 million each. One transaction involved a transfer of 2,818 BTC to Coinbase (NASDAQ:COIN), and another saw 1,630 BTC moved from Bybit.
Bitcoin prices have shown stability recently with minor daily gains and are approaching the $28,000 mark. Data from IntoTheBlock reveals that 67% of holders are currently in profit.
The Securities and Exchange Commission's (SEC) decision not to challenge Grayscale's Bitcoin Trust Fund's ETF conversion application has also positively influenced the market. The unchallenged application has been seen as a positive sign for the cryptocurrency industry.
Crypto analysis firm Rekt Capital has predicted a potential "Road to New All-Time Highs" for Bitcoin. Meanwhile, the Bitcoin Fear & Greed Index stands neutral at 47. This index measures the current sentiment of the Bitcoin market and ranges from zero (extreme fear) to 100 (extreme greed). A neutral reading suggests a balance between buying and selling activity.
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