Bitcoin millionaire addresses which hold between 100 and 10,000 BTC are not selling their cryptocurrencies despite the recent jump in Bitcoin. On the contrary, bitcoin whales have increased their holdings, adding about 100,000 coin to their holdings in the last five days.
Per the latest data posted by crypto analytics platform, Santiment, rich-list addresses are holding approximately 9.23 million coins – the highest level on record. On the whole, activity on the network has increased substantially in the last few days.
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The analytics firm highlighted: “Bitcoin millionaire addresses holding between 100 and 10,000 BTC aren’t showing profit-taking signs on this surge we’ve seen over the past couple weeks. These holders hold a combined 9.23M BTC now, which matches their all-time high held on July 28.”
With regards to price-action, bitcoin saw a major price surge in the last three weeks. After having reached a low of nearly $29,000 on July 20th, BTC/USD crossed the $45,000 line on August 8th. At the time of publishing, BTC trades above $43,600 holding a market capitalisation above $820 billion. Bitcoin’s market dominance of stands at around 47.2% according to figures from Tradingview.
As noted by another crypto research firm Glassnode, overall spending of coins has not increased either. “Despite a strong rally to $45k, the Bitcoin market still has not seen a significant increase in old coins (> 1y) being spent. This is very different to the 2018 bear market where old hands took exit liquidity on most relief rallies.”
The data from Glassnode indicates that holders are not interested in spending bitcoin. Just last week, active bitcoin addresses surged by 30% as millionaires piled into the asset. All in all, the crypto market has taken a bullish posture with the total crypto market cap standing above $1.8 trillion per figures from Coingecko.
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