2024

Bitcoin

Edge

Gold

<img decoding="async" width="1200" height="801" src="https://coingape.com/wp-content/uploads/2024/02/bitcoin-cryptocurrency-trader-e1716367663564.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin News: Whales Scoop $636M In Single Day, What's Next For BTC Price?" style="float:right; margin:0 0 10px 10px;">
While the Bitcoin price continues to stay under strong selling pressure, the BTC whale wallets have continued their accumulation. As per the recent on-chain data, Bitcoin whale wallets holding more than 10 BTC have hit a new all-time high in terms of total accumulation. 
<h3 id="bitcoin-whale-accumulation">Bitcoin Whale Accumulation</h3> 
As per on-chain data provider Santiment, Bitcoin’s major stakeholders are projecting a bullish outlook. The data shows that wallets holding over 10 BTC have now accumulated an all-time high of 16.17 million BTC, thereby showing confidence in <a href="https://coingape.com/bitcoin-price-slips-below-63k-as-entity-dumps-114m-btc-to-binance-whats-next/" target="_blank" rel="noopener">Bitcoin’s future</a>. 
<figure id="attachment_205641" aria-describedby="caption-attachment-205641" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205641" src="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation.jpeg" alt="" width="2602" height="1773" srcset="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation.jpeg 2602w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-300x204.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-1224x834.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-768x523.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-1536x1047.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-2048x1396.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-whale-accumulation-150x102.jpeg 150w" sizes="(max-width: 2602px) 100vw, 2602px">
 <figcaption id="caption-attachment-205641" class="wp-caption-text">
 Courtesy: Santiment
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</figure> 
However Santiment notes that for the next Bitcoin bull run to begin, and increase in the buying power from USDT and USDC stablecoin holders is essential. This influx of capital coming from stablecoin holders would potentially open the floodgates to a strong surge in the Bitcoin price. 
The Bitcoin price is currently facing further selling pressure dropping another 3% in the last 24 and slipping under $61,000 levels. Continued <a href="https://coingape.com/forced-btc-selling-by-bitcoin-miners-to-continue-amid-unsustainable-network-fees/" target="_blank" rel="noopener">Bitcoin miner capitulation</a> could be one of the reasons behind the current selling pressure. 
However, Crypto analyst Dan Crypto Trades reported that an impatient trader on Coinbase executed a market sell of 250-300 Bitcoin in a single transaction, twice. The total value of the sale was approximately $30 million, resulting in a slippage of $600-$1000 per Bitcoin. 
<blockquote class="twitter-tweet"> 
 Someone on Coinbase was impatient and ended up market selling 250-300 <a rel="nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in one clip twice. Sold a total of about ~$30M worth. 
 This caused slippage of $600-$1000. 
 That’s one way to rob yourself out of ~$100K+ 
 Of course any other exchange didn’t have these wicks. <a rel="nofollow" href="https://t.co/H3kRxTnUj6">pic.twitter.com/H3kRxTnUj6</a> 
 — Daan Crypto Trades (@DaanCrypto) <a rel="nofollow" href="https://twitter.com/DaanCrypto/status/1808251628153151653?ref_src=twsrc%5Etfw">July 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/bitmex-arthur-hayes-highlights-bitcoin-edge-to-gold-whats-the-catch/" target="_blank" rel="noopener">BitMEX’s Arthur Hayes Highlights Bitcoin’s Edge To Gold</a> 
<h3 id="is-the-btc-bull-run-over">Is the BTC Bull Run Over?</h3> 
Throughout the second quarter, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has been moving sideways nearly trading 20% down from its all-time high of $74,000 in March this year. This has led many investors to question whether the Bitcoin bull run has ended or not. 
To gauge this, on-chain data provider CryptoQuant refers to a metric dubbed 60-day Realized to Market Capitalization Variance (RCV). This metric measures the two-month change in the realized cap in relation to Bitcoin’s current market value. It is particularly useful in long-term decision-making and investing using the Dollar Cost Averaging (DCA) method. 
<figure id="attachment_205651" aria-describedby="caption-attachment-205651" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205651" src="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV.webp" alt="" width="1280" height="720" srcset="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV.webp 1280w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV-300x169.webp 300w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV-1224x689.webp 1224w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV-768x432.webp 768w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV-678x381.webp 678w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-RCV-150x84.webp 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-205651" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://cryptoquant.com/insights/quicktake/6681d7c3a3f5b8210d5b50b7-Has-the-Bitcoin-Bull-Market-Ended-or-Will-It-Continue" target="_blank">CryptoQuant</a>
 </figcaption>
</figure> 
According to CryptoQuant, Bitcoin has entered its risk zone based on this metric. However, there remains potential for market growth to higher levels, such as 0.70. While future predictions are uncertain, a demand surge around the 0.50 level could mimic the behavior seen in 2017, potentially setting a new long-term high for Bitcoin. 
Popular Bitcoin investor Mike Pompliano stated that retail and institutional investors remain convinced of the long-term resilience of Bitcoin. According to him, this cohort has been aggressively buying the dips in the current Bitcoin price correction. 
Also Read: <a href="https://coingape.com/fed-chair-still-not-confident-of-interest-rate-cuts-whats-next-for-bitcoin/" target="_blank" rel="noopener">Fed Chair Still Not Confident of Interest Rate Cuts, What’s Next for Bitcoin?</a> 
The post <a href="https://coingape.com/bitcoin-wallet-accumulation-with-10-coins-hits-all-time-high/">Bitcoin Wallet Accumulation With 10+ Coins Hits All-Time High</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Wallet Accumulation With 10+ Coins Hits All-Time High

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