Accumulate

2024

Bitcoin

<p>As the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) price</a> consolidates around $66,500 levels, key on-chain development suggests a strong exchange of hands among the Bitcoin owners. Bitcoin whales are back in action while old hands have been distributing their coins once again.</p>
<h3 id="old-bitcoins-moving-to-new-holders">Old Bitcoins Moving To New Holders</h3>
<p>CryptoQuant CEO Ki Young Ju recently reported a significant milestone in Bitcoin’s average dormancy, reaching its highest level in 13 years. This surge suggests a notable transition of long-held Bitcoins to new owners.</p>
<p>The observation points to a potential reshuffling of Bitcoin’s ownership landscape, sparking curiosity about the identities of the emerging major shareholders in the cryptocurrency.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>'s Average Dormancy hit a 13-year peak recently, indicating a transfer of old Bitcoins to new holders.</p>
 <p>The cap table for Bitcoin is shifting, potentially altering the ownership landscape.</p>
 <p>Who are the new major shareholder(s)? <a href="https://t.co/XaurClSW4r" rel="noopener noreferrer nofollow">pic.twitter.com/XaurClSW4r</a></p>
 <p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1783020343869018273?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Since the launch of the <a href="https://coingape.com/bitcoin-etf-regain-momentum-as-investment-advisors-pour-40m-in-fbtc/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> earlier this year in January, there have been heavy inflows pouring in. These ETFs have also been buying a large number of Bitcoin amid strong client demand.</p>
<p>Furthermore, whales in the Bitcoin market have also been accumulating heavily. According to recent data from the on-chain analytics platform Santiment, a significant <a href="https://coingape.com/bitcoin-news-whale-scoops-500-btc-worth-33m-btc-price-70k/" target="_blank" rel="noopener noreferrer nofollow">BTC accumulation</a> among whales holding between 1,000 and 10,000 BTC has further boosted the Bitcoin price ascent.</p>
<p>Since the beginning of 2024, these key players have amassed an additional 266,000 BTC, equivalent to approximately 1.24% of the total Bitcoin supply. Concurrently, there’s a notable surge in investor sentiment, characterized by a high level of fear of missing out (FOMO) among market participants.</p>
<figure id="attachment_193267" aria-describedby="caption-attachment-193267" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-193267" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales.jpeg" alt="" width="2644" height="1780" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales.jpeg 2644w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-300x202.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-1224x824.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-768x517.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-1536x1034.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-2048x1379.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-whales-272x182.jpeg 272w" sizes="(max-width: 2644px) 100vw, 2644px">
 <figcaption id="caption-attachment-193267" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1782954556013547562/photo/1" target="_blank">Santiment</a>
 </figcaption>
</figure>
<h3 id="btc-price-action-ahead">BTC Price Action Ahead</h3>
<p>Despite the strong Bitcoin whale accumulation, the short-term prospects for BTC don’t look so good. Renowned cryptocurrency analyst Ali Martinez has pointed out a significant development in Bitcoin’s price action.</p>
<p>According to Martinez, the TD Sequential indicator has recently signaled a sell order on the 12-hour chart, coinciding with Bitcoin encountering resistance at the midpoint of a parallel trading channel. Given the historical reliability of this indicator, investors are advised to proceed with caution, especially if Bitcoin’s price dips below the crucial support level of $65,500.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The TD Sequential indicator has flashed a sell signal on the 12-hour chart, with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> facing resistance at the mid-level of a parallel channel!</p>
 <p>Exercise caution, given this indicator's track record. Particularly watchful if <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> drops below the $65,500 support level. <a href="https://t.co/m7iquoi1L5" rel="noopener noreferrer nofollow">pic.twitter.com/m7iquoi1L5</a></p>
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1783011223304376355?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>On the other hand, Bitcoin’s monetary inflation rate has also dropped under that of Gold. Thus, as per the stock-to-flow thesis, Bitcoin should overtake the market cap of Gold. Speaking on this, Bitcoin analyst Willy Woo stated: “In my view BTC will lag its S2F valuation by 5-10 years, the world simply doesn’t move quickly. Custody infrastructure, regulations, trading instruments, asset manager acceptance all takes time”.</p>
<p>The post <a href="https://coingape.com/bitcoin-btc-ownership-landscape-sees-major-shift-new-whales-accumulate/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Ownership Landscape Sees Major Shift, New Whales Accumulate</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin (BTC) Ownership Landscape Sees Major Shift, New Whales Accumulate

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