Major Bitcoin Holders Accumulate 262,000 BTC Amid Market Volatility
Amidst the recent volatility in the crypto market, a significant trend has emerged among major Bitcoin holders. Long-term holders have increased their supply by a whopping 262,000 BTC in the last 30 days, bringing their total holdings to an impressive 14.82 million Bitcoin, which accounts for 75% of the total Bitcoin supply.
Long-term holders are those who have held onto their Bitcoin for extended periods without selling during market fluctuations. The accumulation of such a large amount of BTC in just a month showcases their long-term confidence in the digital asset, despite short-term market ups and downs.
This recent surge in accumulation by long-term holders provides a positive contrast to the profit-taking currently happening in the crypto markets. Despite a recent dip in Bitcoin price, with the cryptocurrency falling over 6% in a single trading session, the long-term holders’ confidence remains unwavering.
The recent market decline in Bitcoin, which saw the cryptocurrency drop to $60,162 after reaching highs of $65,062, is attributed to short-term holders establishing resistance levels at their breakeven price. This drop comes amidst rising Open Interest and positive funding rates, indicating a premium for perpetual contracts.
Overall, the accumulation of Bitcoin by long-term holders and the market dynamics at play highlight the importance of understanding different types of holders and their impact on market trends. This information can be valuable for investors looking to navigate the volatile crypto market and make informed decisions about their investments.