Shift

Bitcoin

Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-whale-movement-intensifies-as-wallet-balances-shift" rel="noopener noreferrer nofollow">Bitcoin Whale Movement Intensifies as Wallet Balances Shift</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-whales-buy-the-dip-amid-market-correction-and-etf-interest" rel="noopener noreferrer nofollow">Bitcoin</a>‘s trading activity has been relatively stable, yet significant movements are taking place among large-scale Bitcoin wallet addresses. Market observers have noted fluctuations in Bitcoin’s value, which has been hovering between $40,300 and $44,500. Despite the price stability, there’s a notable shift in the balance of Bitcoin held by whale wallets, as reported by the data analytics platform Santiment.</p>
<h2 id="whale-wallets-adjust-holdings">Whale Wallets Adjust Holdings</h2>
<p style="text-align: justify">Santiment’s observations highlight a redistribution among Bitcoin whales’ wallets. The data indicates a decline in the number of wallets containing 100 to 1,000 BTC, reaching a low not seen since November 2022. Specifically, the count of such wallets fell to 13,735 as of February 1st, marking a 1.1% reduction over six days.</p>
<p style="text-align: justify">Contrastingly, the wallets holding a larger amount of 1,000 to 10,000 BTC have seen an increase. On the first day of February, the count of these more substantial wallets hit 1,958, a 2.5% rise within the same period. This category of wallets has reached a peak, paralleling levels also last witnessed in November 2022.</p>
<p style="text-align: justify">The data suggests a trend where smaller whale-level addresses are offloading their Bitcoin holdings while their larger counterparts are accumulating more.</p>
<h2 id="understanding-the-impact-of-bitcoin-supply-distribution">Understanding the Impact of Bitcoin Supply Distribution</h2>
<p style="text-align: justify">The spread of Bitcoin across various wallets can be vast and is influenced by factors including exchanges, individual holders, and institutional investors. Since Bitcoin operates outside of centralized control, it results in a diverse ownership landscape. Large holders, or ‘whales,’ can significantly affect the market, creating disparities with smaller investors.</p>
<p style="text-align: justify">Tracking and analyzing the Bitcoin supply distribution is complex due to the possibility of multiple wallets per user and exchanges holding consolidated funds. Despite these challenges, firms like Santiment provide valuable insights into the Bitcoin blockchain’s large-scale wallet activity, shedding light on the behavior and impact of influential market participants.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-whale-movement-intensifies-as-wallet-balances-shift" rel="noopener noreferrer nofollow">Bitcoin Whale Movement Intensifies as Wallet Balances Shift</a></h5>

Bitcoin Whale Movement Intensifies as Wallet Balances Shift

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