Bitcoin Achieves a New Milestone – Is a Bullish Market Coming? Insights from Santiment
Santiment, a cryptocurrency analysis company, has recently released a new report analyzing the current state of Bitcoin. The report suggests that the large holdings of Bitcoin by whale wallets indicate a positive outlook for the long-term future of the cryptocurrency. In fact, the number of BTC held by whale wallets, which are defined as wallets holding more than 10 BTC, has reached a record high of 16.17 million BTC.
According to analysts, an ideal scenario for a new bull rally in the cryptocurrency industry would involve an increase in Bitcoin purchases from Tether and USDC holders. These stablecoins are often used as a bridge between fiat currencies and cryptocurrencies, making them important indicators of market sentiment.
However, a closer look at the whale wallets of these stablecoins reveals a decrease in their holdings. Wallets with assets between $100,000 and $10 million now hold 34.2% of the total supply, a 2% decrease compared to six months ago. Similarly, USDT wallets in the same asset range now hold 30.3% of the total supply, a decrease of 5.37% over the past six months.
It is important to note that this analysis is not intended as investment advice, but rather as a reflection of the current state of the market. Investors should conduct their own research and analysis before making any investment decisions.
For those interested in investing in cryptocurrencies, Binance exchange offers a wide range of options with over 300 cryptocurrencies available. By registering through this link, users can enjoy a 20% commission discount.
To stay updated with the latest news, analytics, and on-chain data, be sure to follow our Telegram and Twitter accounts.
Comments (0)
No comments yet. Be the first to leave a comment!