Bitcoin Wallets Holding One or Fewer BTC Reach Record High
According to Santiment, there has been a surge in accumulation of Bitcoin wallets holding one or fewer BTC since November. These wallets now hold a record-breaking 1.4 million Bitcoin, which constitutes 7.3% of the total supply.
Simultaneously, wallets with 100+ Bitcoin, also known as whales, have increased their holdings to 11.5 million Bitcoin, representing 59.1% of the supply. Wallets with 1-100 Bitcoin have slightly declined in the same period and collectively hold 6.5 million BTC, making up 33.6% of the supply.
Cryptocurrency Market Experiences Modest Decline
Santiment reports that during the last non-holiday weekend of 2023, the cryptocurrency market experienced a modest decline. Bitcoin witnessed a pullback and is currently priced at $41,600. On the other hand, Ethereum (ETH) demonstrated relative resilience by hovering slightly above $2,200.
Hot Take: Accumulation Trend Indicates Growing Interest in Bitcoin
The surge in accumulation of Bitcoin among smaller wallets suggests a growing interest in the cryptocurrency. This trend indicates that more individuals are acquiring and holding Bitcoin, potentially as a long-term investment or store of value. Additionally, the dominance of whale wallets in terms of Bitcoin holdings highlights the concentration of wealth within the cryptocurrency market.
By
By
By
By
By