Bitcoin Surpasses $28,000 Mark as Key Wallets Accumulate
Recent on-chain data reveals that major Bitcoin wallets have been accumulating the cryptocurrency over the past month, leading to Bitcoin breaking above the $28,000 mark.
Bitcoin Sharks & Whales Accumulating
An on-chain analytics firm called Santiment has reported that large BTC wallets have accumulated a total of $1.17 billion in Bitcoin since the beginning of last month. The “Supply Distribution” indicator tracks the number of coins held by different investor cohorts. These cohorts are divided into three groups: 10-100 coins, 100-1,000 coins, and 1,000-10,000 coins.
Accumulation Trend Among Investor Cohorts
The chart provided shows that all three investor cohorts have been accumulating Bitcoin since September, with a total purchase of approximately $1.17 billion worth of BTC. Despite struggling to gain bullish momentum, these investors continued to buy at low prices.
Bitcoin Breaks Above $28,000
In recent days, Bitcoin has experienced a strong rally and managed to surpass the $28,000 level for the first time since August. Santiment suggests that a return to the $30,000 level is possible if key investors refrain from selling and taking profits.
Potential Influence of Sharks and Whales
The behavior of the large holders, especially the sharks and whales, may impact Bitcoin’s future movements. It remains uncertain whether they will continue holding or start selling their holdings.
Hot Take: Will Profit-Taking Halt Bitcoin’s Rally?
Bitcoin has broken above $28,000 thanks to accumulation efforts by key investors. However, it remains to be seen if profit-taking will end the rally. The behavior of sharks and whales, who have significant holdings, will play a crucial role in determining Bitcoin’s future trajectory.
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