The largest Bitcoin (BTC) ($BTC) holders on the blockchain tech have added 16 percent more coins to their holdings over the last 30 days, and now have over 776,000 Bitcoin worth over $16 Billion at the time of publication in their wallets.
As reported by blockchain tech analytics firm IntoTheBlock, “giga-whales,” defined as entities that hold over 100,000 Bitcoin in their wallets, have been increasing their Bitcoin holdings to a new record. Per the firm, there are only 5 addresses on the network with over 100,000 Bitcoin – $2 Billion – in their wallets.
As CryptoGlobe reported, earlier this month Bitcoin (BTC) whale activity surged to a 4-month high as large holders were buying the flagship digital currency’s dip when it approached the critical $20,000 mark.
As reported by IntoTheBlock, which uses a metric called Large Holders Inflow to track the funds going into addresses belonging to Bitcoin whales, the largest inflow since February of this year were spotted this month, with 116,000 bitcoins worth $2.5 Billion moving in a single day.
The movement may have pointed to a potential bottom of the digital currency’s price as “these addresses tend to buy in size following significant market corrections.” BTC’s price has recently plunged amid a wider market correction that saw the market cap of the cryptocurrency space fall below $1 trillion.
santiment, an on-chain and social metrics digital currency firm, pointed out that while digital currency markets “have been suppressed” there has been an increase in the amount of larger Bitcoin addresses on the network.
Per the firm, addresses with 10 to 10,000 Bitcoin have recently surged, while addresses with 10,000 Bitcoin or more have been growing since February.
As already stated, technical analyst Katie Stockton, founder of Fairlead Strategies, has predicted Bitcoin (BTC) could soon see a relief rally that would be muted over the ongoing downtrend in the market. The analyst pointed to key support levels to watch.
The technical analyst added that “with this kind of decline support levels are being taken out,” with the last level of support being “broken decisively enough that we’re already on the upcoming support level.” These support levels, Stockton noted, are longstanding levels.
Per Stockton, Bitcoin’s price level Fairlead Strategies is watching is “about $18,300 to $19,500” based on Fibonacci retracement levels, which are levels associated with specific percentages based on the Fibonacci sequence, which was 1st developed and used by ancient Indian mathematicians, according to Investopedia.
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