Bitcoin Accumulation Surge: Large Holders Control 20.3% Of Circulating Supply Amid Market Pressures

Addresses holding between 100 and 1,000 BTC have significantly increased their share of the circulating Bitcoin supply, now controlling 20.3%, or approximately 4.01 million BTC.

This represents a 5% rise from the 3.82 million BTC held six months ago, indicating a growing trend of accumulation among large holders.

The Bitcoin market faces critical support and resistance levels as the $54,240 support zone comes under scrutiny.

A drop below this level could trigger a decline to $41,100, according to the Bitcoin MVRV Pricing Bands. Adding to the pressure, there are $24 million in liquidations at stake on Binance if Bitcoin falls to $54,230.

Bitcoin Spot ETFs Recorded Over $706 Million 

Last week saw significant outflows from Bitcoin spot ETFs, totaling $706 million. None of the 12 Bitcoin spot ETFs experienced inflows. Grayscale’s GBTC ETF reported a net outflow of $160 million, while Fidelity’s FBTC ETF saw $404 million in outflows. These substantial withdrawals highlight a bearish sentiment in the market and increased selling pressure on Bitcoin.

As large holders continue to accumulate Bitcoin, the market faces a volatile period with key support levels being tested. Investors and analysts will be closely watching these developments, as they could signal significant shifts in Bitcoin’s price trajectory and overall market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/bitcoin-accumulation-surge-large-holders-control-20-3-of-circulating-supply-amid-market-pressures/