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.
Addresses holding between 100 and 1,000 BTC now control 20.3% of the circulating supply, equivalent to 4.01 million BTC.
This marks a 5% increase from 3.82 million BTC six months ago, highlighting growing accumulation by large holders pic.twitter.com/JwkxBgWmDS
— IntoTheBlock (@intotheblock) September 8, 2024
The Bitcoin market faces critical support and resistance levels as the $54,240 support zone comes under scrutiny.
$24 million in liquidations are on the line at @binance if #Bitcoin falls to $54,230! pic.twitter.com/kbI2P5sVqj
— Ali (@ali_charts) September 9, 2024
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.
According to the #Bitcoin MVRV Pricing Bands, the $54,240 support level is crucial to monitor. A breach of this level could lead to a correction down to $41,100! pic.twitter.com/7BQnzPK8Wt
— Ali (@ali_charts) September 9, 2024
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.
Bitcoin spot ETFs had a net outflow of $706 million last week, and none of the 12 Bitcoin spot ETFs had a net inflow last week. Grayscale ETF GBTC had a weekly net outflow of $160 million, and Fidelity ETF FBTC had a weekly net outflow of $404 million.https://t.co/YanotfbWiJ
— Wu Blockchain (@WuBlockchain) September 9, 2024
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/