The accumulation of large Bitcoin sums has been increasing in the last couple of weeks. Santiment, an on-chain analytics platform, revealed that Bitcoin addresses that are holding between 10 000 and 100 000 cryptocurrency coins have gathered around 50 000 bitcoin in the last 4 days.
In the last few weeks bitcoin millionaires have been expanding their crypto portfolios despites the latest price dip. Glassnode reported that long-term crypto wallets hold around 80% of all bitcoin supply.
Last week bitcoin fell from $52,000 to $43,000 which was a significant dip for the largest cryptocurrency in the world, as a result, the cryptocurrency saw a significant volatile shift. This volatility liquidated some $1.3 billion worth of long Bitcoin trading positions, while the total crypto that has been liquidated since the fall of the Bitcoin price has been calculated at $3.4 billion.
Meanwhile, the so-called bitcoin whales are still moving digital assets from the world’s renowned crypto exchanges to undisclosed and mysterious wallets.
Ali Martinez, a crypto analyst, tweeted that due to the huge waves of Bitcoin movements to unknown wallets the selling pressure behind bitcoin has been reduced.
The current bitcoin market cap is $850 billion which is actually down by $100 billion compared to September 3rd. Bitcoin accounts for around 41% of the total cryptocurrency market cap.