Bitcoin’s Price Expected to Grow as Influential Holders Accumulate
According to a recent report by Santiment, Bitcoin’s price is likely to experience further growth this month. This surge is driven by the continued accumulation of Bitcoin by influential cryptocurrency holders known as “whales” and “sharks.” Here are the key points:
1. Whales and Sharks Accumulating Bitcoin: Santiment’s analysis reveals that whales and sharks have been actively buying Bitcoin for the past two weeks. News of Bitcoin ETF refilings by institutions like Fidelity has prompted these powerful players to acquire a significant amount of Bitcoin.
2. Dominance of Key Holders: Wallets holding between 10 and 10,000 BTC currently possess 67% of the circulating supply, which amounts to 13 million Bitcoins. This dominance by key holders plays a crucial role in the potential price growth of Bitcoin.
3. SEC’s Scrutiny on Bitcoin ETF Filings: The U.S. Securities and Exchange Commission has deemed recent spot Bitcoin ETF filings as “inadequate.” This scrutiny has caused a slight price drop for Bitcoin in the last 24 hours.
In conclusion, while the accumulation of Bitcoin by influential holders and the dominance of key holders suggest further price growth, the SEC’s scrutiny adds an element of uncertainty to the market. It will be interesting to see how these factors impact Bitcoin’s journey throughout July.
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